The Hilb Group (THG) has acquired Summit Insurance Services (SIS), the insurance operations of US-based Summit Financial, for an undisclosed amount.
Insurance agency, SIS primarily provides employee benefits solutions to businesses and individuals throughout the Mid-Atlantic region.
Summit Financial Group president and CEO Charles Maddy said: “We believe that joining THG is an excellent way for all associates at SIS to continue to grow in the years ahead.”
With the deal became effective from 1 May 2019, SIS will continue to do its business under its existing name. It will also remain in current offices in Leesburg, Virginia and Moorefield, West Virginia.
THG CEO Ricky Spiro said: “By becoming a part of a dynamic and growing insurance organization, this transition will create enormous opportunity for all SIS employees.
“With our combined resources we can expand the product offerings and expertise available to all SIS customers. We are thrilled to have SIS join THG as we further expand our Mid-Atlantic region.”
The acquisition is a part of middle market insurance agency Hilb Group’s effort to expand its business through targeted acquisitions in the middle market insurance brokerage space.
In April 2019, Hilb Group, a portfolio company of private equity firm Abry Partners, has made two acquisitions including Walker Brothers Insurance and eBenefits Group Northeast.
eBenefits is a full-service employee benefits firm. It is engaged in providing solutions to businesses, non-profits and municipalities throughout the Northeast.
eBenefits agency leader Stephen Repka said: “For more than 25 years, eBenefits has been a trusted employee benefits partner of local and national organizations and associations.
“Joining THG positions us for sustained growth by further expanding our resources for our clients and the opportunities for our employees.”
WBI is a full-service retail agency primarily. It is focused on commercial property & casualty insurance for small to medium sized businesses.
WBI agency leader Mike Luttrell said: “Joining THG will allow us to continue WBI’s passion of helping businesses and communities prosper.
“Now with the resources of a national organization, we will be able to further our long-standing commitment to our region.”
THG currently has 77 offices in 18 states across the US.