The Hilb Group acquires book of business from payroll services company
Henrico-based insurance company also hired CBIZ Inc.'s business unit president as a producer.
Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday the acquisition of a book of business from Cleveland-based payroll services company CBIZ Inc. The transaction was effective April 1.
THG also hired CBIZ’s business unit president Peter Tarmey as a producer at THG. Tarmey is currently based in Cranston, Rhode Island, and will join the company’s New England operations.
Financial terms of the acquisition were not disclosed.
THG was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group since late 2019. THG has more than 90 offices in 21 states and employs more than 900 people.
THG has acquired more than 60 companies in the past five years. Since July 2019, THG has acquired insurance companies including New York-based BR Vital Brokerage Inc., Pennsylvania-based Greenwald Berk Agency LLC, Massachusetts-based The Incentive Group LLC, New York-based Avanti Associated Ltd., Massachusetts-based Gould & Naimoli Partners LLC, North Carolina-based Employee Benefit Advisors of the Carolinas LLC and Rhode Island-based Wickford Insurance Agency Inc.