The Hilb Group makes 10th acquisition within past year
Henrico-based insurance company buys Mich.-based CIA Financial Group Inc.
In its second acquisition announcement of the week, Henrico County-based insurance company The Hilb Group LLC (THG) on Wednesday announced it has acquired Michigan-based CIA Financial Group Inc. The transaction was effective July 1.
A transaction amount was not disclosed.
Since 2015, THG has acquired more than 60 companies. The purchase of CIA Financial is the company’s 10th acquisition within the last 12 months. On Tuesday, THG announced it had acquired Massachusetts-based Eldredge & Lumpkin Insurance Agency Inc., which was also effective July 1.
Founded in 1975, CIA Financial is an independent insurance agency offering insurance and risk management services to clients in Michigan. With the transaction, CIA Financial Agency Leader Sam Crudo will join THG’s Midwest operations and continue to work out of the company’s existing Shelby Township location.
“THG has a strong reputation in the insurance industry with similar values and a shared commitment to customers,” Crudo said in a statement. “The [CIA Financial] team looks forward to the continued growth and resources to support our customers in many of the areas where THG possesses a distinctive capability and breadth of relationships.”
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. Across its 90 offices in 21 states, the company employs more than 900 people.
“We are excited to welcome [CIA Financial] to our team as we continue to build on our momentum of growth in the region,” THG CEO Ricky Spiro said in a statement. “We believe the combination of our existing team in the Midwest and the [CIA Financial] team will provide great opportunities for our customers and for THG.”