The Hilb Group, a portfolio company of ABRY Partners, has acquired Massachusetts-based Mid-State Insurance Agency Inc, a provider of property and casualty insurance and employee benefits. No financial terms were disclosed.
RICHMOND, Va., Sept. 19, 2017 /PRNewswire/ — The Hilb Group, LLC (THG), a leading property & casualty insurance and employee benefits broker, announced today the acquisition of Mid-State Insurance Agency, Inc. (MSIA). The transaction became effective September 1, 2017. MSIA is THG’s 37th acquisition since it was founded in 2009.
Based in Massachusetts, MSIA provides a wide range of property & casualty insurance and employee benefits products to businesses and individuals throughout the New England region. MSIA specializes in developing tailored risk management and insurance programs for automobile dealerships.
Following the transaction, MSIA’s employees, including managing partners, Jim Pietro and Paul Pietro, are joining THG and will continue to operate out of their two offices in Worcester and Taunton.
“MSIA’s specialized products and services for auto dealerships add depth to the capabilities of our New England operations, while its experienced team will further enhance our presence in the region,” said Ricky Spiro, CEO of THG. “This firm will be an excellent complement to THG as we continue to grow and add innovative solutions for our clients. We are extremely pleased to welcome Jim, Paul and their colleagues to our growing team.”
“This is a great opportunity to join a Top 50 insurance brokerage that reflects the same values that have made MSIA successful,” said Jim Pietro. “Being part of a larger organization will afford our clients the additional resources that THG has to offer, while they will continue to work with the service teams they know and trust.”
Paul Pietro added, “We are excited to join THG, and look forward to sharing our expertise while delivering expanded solutions and services to our clients and providing additional opportunities for our employees.”
About the Hilb Group: The Hilb Group is a Top 50 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. Please visit our website at: http://hilbgroup.com.