The Hilb Group (THG) announced the acquisition of California, Maryland-based Raley, Watts & O’Neill (RWO). The transaction became effective March 1, 2016.
Since 1950, RWO has served its clients with a broad range of general insurance products and services alongside a variety of specialty programs for health care facilities, social services providers, federal contractors, fire and EMS organizations and marinas.
With three offices in Maryland and one in South Carolina, the acquisition of RWO – THG’s third transaction in 2016 and 10th in the past 12 months – will strengthen THG’s mid-Atlantic arm.
"Raley, Watts & O’Neill encompasses everything we look for in a new partner," said Bob Hilb, CEO of The Hilb Group. "Its focus on training and education, core values and people-first culture all make for a great fit here at THG."
Rick Tepel, RWO CEO, and Gordon O’Neill, president, will continue to lead RWO’s 21 employees under its existing name.
"We believe in building long-term relationships and always doing what’s best for our clients," Tepel said. "As part of The Hilb Group, our team will have access to resources that will enhance those long-term relationships through training and connection to a national network."
"Raley, Watts & O’Neill started as a small-town operation and remains proud of our heritage as we grow larger," O’Neill said. "The Hilb Group has a similar story, and we’re excited to join a company that is like-minded in both business and culture."
The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm, ABRY Partners. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space.
The company now has 41 offices in Florida, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Tennessee, Texas, South Carolina, Virginia, and West Virginia.