HRH Acquires Insurance Services Inc
NU Online News Service, Sept. 17, 4:18 p.m. EDT?Hilb Rogal & Hobbs Company said it has entered into an agreement to acquire Insurance Services Inc., a Wisconsin-based insurance broker.[@@]
The deal is expected to be completed Oct. 1. Terms were not released.
The Richmond, Va.-based brokerage firm said Insurance Services, which has roots dating back to 1868, is a retail insurance broker that provides risk management, commercial property-casualty insurance and employee benefits products to its clients. In 2003, the operation generated more than $6.8 million in revenue.
Insurance Services employs more than 50 insurance professionals who will continue serving clients from their office in Appleton, Wis., under the leadership of Kelly P. Kornely, its president. The operation will become part of HRH's Midwest region, lead by John P. "Jack" McGrath, vice president, Midwest regional director.
HRH said that with the completion of the Insurance Services transaction, it will have acquired more than $63 million in revenues in 2004, exceeding its goal for the year of acquiring $30-to-$60 million in annualized revenues.
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