Richmond, Virginia-based insurance broker The Hilb Group LLC has acquired a Wilmington benefits firm.
Wilmington firm David Hill & Associates Inc. has joined the existing Hilb Group office in the city to build and expand its benefits practice, according to a news release from The Hilb Group (THG). The terms of the acquisition were not disclosed.
"THG's North Carolina operations has a strong employee benefits division, and the addition of David's knowledge and expertise will add depth to our team," said Larry Wolfe, managing director of THG's Wilmington location. "It is truly a pleasure to add David's practice to our agency."
The Hilb Group is a Top 50 middle-market insurance agency headquartered in Richmond 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, company officials said in the release.
The acquisition of David Hill & Associates represents THG's 41st acquisition since 2009 and the 11th acquisition in 2017, according to the release. The company first made a presence in Wilmington in August 2015, when THG acquired Wilmington-based JWB Insurance Group.
The Hill Group of North Carolina LLC has six additional office locations across the state, including offices in Charlotte, Cornelius and Cary.
With an original focus on improving health and life benefits for both employer groups and individuals, David Hill & Associates opened in the area in 1999, according to the company website. The company provides consultation for all size employers and individuals in southeastern North Carolina and surrounding regions.
The company is now located at 4010 Oleander Drive, Suite 11, according to David Hill, principal of the company. The firm has about 20 employees in the Wilmington area.
"Teaming up with THG presents an opportunity to provide DHA's client base with a broad range of resources in key areas that can make a significant difference for their businesses," Hill said in the release.
Hill said Monday that the faces of the company will remain the same. With the acquisition, Hill said clients will see that the company will be able to provide an expansion of services and new technology.
“Expanding services with the merger in certain group segments … We’re going to be expanding into some of the HR areas, which are areas that are vastly needed for our business employers,” he said.
“We’re very excited about it. I think it’s a good opportunity not only as an agency but more importantly, it’s a very good move for our clients because they are what’s kept us in business. And they deserve the best possible service and programs that we can offer,” Hill said.
