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News | 2 min read

Henrico-based Hilb Group acquired 119 insurance agencies in 11 years

August 23, 2021

For more than 10 years now, The Hilb Group has fashioned itself into one of the Richmond region’s fastest-growing companies by acquiring small, independent insurance agencies in multiple states.

The COVID-19 pandemic hasn’t slowed that growth trajectory for the Henrico County-based insurance brokerage.

“We had our biggest M&A [mergers and acquisitions] year ever in 2020, basically doing all of our deals remotely,” said Richard “Ricky” Spiro, The Hilb Group’s CEO.

The Hilb Group was founded in 2009 with a strategy to grow by tapping into private equity funding to buy independent insurance agencies around the nation, many of them small agencies with just a handful of owners and staff. It did its first deal in 2010.

There are more than 35,000 such independent agencies in the United States, but the industry has been in a consolidation mode for years, Spiro said.

“It is a fragmented industry,” he said. “As the world has changed in the last 10 years, a lot of smaller agencies are seeing they can do better as part of a larger organization than they can on their own.”

“Our strategy has been relatively simple and consistent,” Spiro said. “We want to build a great company that is based on what I would call sustainable growth.”

Read the full story here.