EAST GREENWICH – The Hilb Group footprint is growing rapidly throughout the United States, as the insurance agency this month acquired its fourth company in 90 days.
The Hilb Group, based in Richmond, Va., entered the Rhode Island market last June when it acquired Gencorp Insurance Group, of East Greenwich, and Cornerstone Group, of Warwick. The Rhode Island insurers are currently operating under a shared name, The Cornerstone Gencorp Hilb Group, but will eventually rebrand and assume the parent company’s name: The Hilb Group.
The growth is a part of a larger trend to consolidate agencies, which is trending in the insurance industry, as 2015 was a banner year for mergers and acquisitions.
“When you start aggregating these businesses, there are efficiencies and economies of scale,” said Joseph J. Padula, managing director of property and casualty at Cornerstone Gencorp Hilb Group.
Abry Partners, a Boston-based private equity firm, has helped the insurance agency grow through a flurry of acquisitions. Since the Rhode Island acquisitions, the company has announced seven more, including Dowling & O’Neill, of Hyannis on Feb. 9.
Padula says the company is outpacing its previous projections and predicts its yearly revenues will exceed $100 million in July compared with $42.5 million last June. The benefits, he says, are being realized in the Ocean State.
“Our business here in Rhode Island is expanding tremendously,” Padula said.
Most recently, on April 1, The Hilb Group announced the acquisition of Post Agency LLC, of Mahwah, N.J., and its subsidiaries. With that acquisition, the company now has more than 500 associates in 48 offices nationwide.
