Insurance and risk management firm Hilb Rogal and Hobbs Company has confirmed the completion of the acquisitions of the operating assets of Ohio, US-based Loan Protector Insurance Services and the stock of London, UK-based Glencairn Group, both of which provide insurance services.
Loan Protector Insurance Services, a provider of customized insurance tracking programs and lender-placed insurance products to the mortgage industry, anticipates revenues of approximately $8 million for 2006. The company will retain its existing management team under the buyout.
Glencairn, meanwhile, is an independent Lloyd’s insurance and reinsurance broker group with over 150 employees, and expects 2006 annualized revenues of approximately $39 million.
With the acquisition of Glencairn, we were able to further our strategic objectives by expanding our wholesale and reinsurance capabilities, commented Hilb Rogal and Hobbs (HRH) chairman and CEO Martin Vaughan III. In addition, this organization brings immense talent and leadership to HRH’s existing London branch, as well as increased access to the Lloyd’s of London and other critical international underwriting markets.
The terms of the transactions remained undisclosed and both acquisitions became effective as of January 1, 2007.