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Hilb Group buys Pennsylvania insurance agencies in latest acquisition
The Richmond-based broker says the deal targets small-to-mid-size agencies and marks its second Pennsylvania acquisition this year.
Hilb Group has acquired an unnamed Pennsylvania-based property and casualty and employee benefits agency, with the purchase set to take effect September 1, expanding the broker’s geographic footprint.
The Richmond, Virginia-based company, majority-owned by The Carlyle Group since 2019, said it does not disclose the names or financial terms of acquired agencies, a practice it uses to preserve local brand identity within its national platform. Hilb noted the Pennsylvania deal is its second in the state this year, after another acquisition that took effect January 1.
Hilb was founded in 2009. When Carlyle acquired its majority stake, Hilb had 91 offices and $141.7 million in annual revenue, and since then it has completed more than 200 acquisitions and now operates more than 125 offices across 32 states. The company reported annual revenue of approximately $650 million as of late 2024, and CEO Richard Spiro said the acquisition model targets small-to-mid-size regional agencies.