The Hilb Group makes third acquisition announcement of 2021
Henrico County insurance company buys Rampart Brokerage Corp. & Affiliates
Henrico County-based insurance company The Hilb Group LLC made its third acquisition announcement of the year, with the purchase of Lake Success, New York-based Rampart Brokerage Corp. & Affiliates.
Financial details of the acquisition were not disclosed.
Founded 55 years ago, Rampart Brokerage Corp. and Affiliates (RBC) employs nearly 200 people and serves as a broker for upper middle-market commercial lines, high net-worth personal lines, individual life and group benefits. Under the acquisition, RBC’s leadership team and associates will join THG’s tri-state operations and continue to operate out of its New York, New Jersey and Pennsylvania offices.
“This is the beginning of an exciting chapter for us at Rampart,” RBC CEO Gary Morris said in a statement. “This partnership brings us additional capabilities and resources that will allow us to offer even more services and insurance products for our clients.”
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. THG has acquired more than 100 companies.
“Rampart was attractive to us for many of its qualities,” THG CEO Ricky Spiro said in a statement. “They are a leading insurance broker in the Greater New York City metro region, which will expand THG’s presence in the tri-state region. The firm and its associates have longstanding client relationships and a stellar reputation in the marketplace, and we are honored to work with its strong leadership team and deep bench of talented production and service staff.”