PROVIDENCE – The Hilb Group has purchased Middletown-based OceanPoint Insurance from OceanPoint Financial Partners MHC, the holding company that also owns BankNewport.
The terms of the transaction, which Hilb said was finalized on Dec. 1, were not disclosed. Representatives of the Hilb Group and OceanPoint Financial Partners could not be immediately reached for comment.
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Based in Middletown, OceanPoint Insurance has 60 employees, according to PBN’s 2022 Book of Lists. OceanPoint CEO and President Doug Mayhew and the rest of the executive team are expected to join the Hilb Group’s regional operation, according to a news release from the Hilb Group.
Hilb, a national insurance agency, has a regional entity called the Hilb Group of New England, which has offices in Cranston and about 190 employees, according to the Book of Lists.
“Joining the Hilb Group presents an exciting opportunity for our business and those we serve,” said Mayhew, who has served as OceanPoint Insurance’s chief executive since 2012. “The partnership we have created will deliver greater access to resources for our agency, our employees, and our customers. We approached this process carefully and realized that the Hilb Group’s service-driven culture represented the ideal fit for our team and the customers that depend on us.”
OceanPoint Insurance has long been affiliated with BankNewport, even sharing a logo that appears to feature beach dune grass. Both firms were owned by OceanPoint Financial Partners, a mutual holding company, which also had bank divisions called OceanPoint Marine Lending and OceanPoint Investment Solutions. It was not immediately clear how those divisions will be affected by the transaction.
OceanPoint Financial Partners said at its annual meeting in May that the insurance, marine leading and investment solutions entities generated a combined revenue of $14 million for 2021.
In its statement on Tuesday announcing the acquisition, Hilb focused on OceanPoint Insurance.
“OceanPoint aligns perfectly with our strategy of growing among industry leaders, as the agency brings a tremendous history of insurance experience and expertise, combined with deep, trusted client relationships, broad market presence, and an outstanding reputation,” said Hilb Group CEO Richard G. Spiro. “We are pleased to welcome them to the Hilb Group and look forward to our growth for the future.”
