Virginia's The Hilb Group (THG) has completed the acquisition of Crofton-based mid-market insurance broker The Pennoyer Group.
The deal came into effect from 31 January 2013, after receiving approval from its shareholders.
Established in 1978 by Paul Pennoyer, the acquired firm offers personal and commercial insurance solutions as well as a national specialty niche insurance program targeting real estate agent professional liability.
THG president and CEO Robert J. Hilb said, "This transaction continues our strategic plan of acquiring strong mid-market agencies on the East Coast."
Pennoyer president Paul Pennoyer added, "Many Pennoyer associates have been with me for over 20 years and it’s great to find a partner that values the experience of our people while helping us grow our business."
Launched in 2009 by Robert H. Hilb, Hilb Group operates from its offices in Virginia, North Carolina, Tennessee, Georgia, Maryland, Connecticut and New York, US.