HRH Completes Vermont MGU Purchase
NU Online News Service, Dec. 3, 11:30 a.m. EST?Hilb, Rogal & Hobbs Company said it has completed its acquisition of Smith, Bell & Thompson Inc., a Vermont-based managing general underwriter.[@@]
The Richmond, Va.-based insurance broker announced plans to make the acquisition in mid-November.
Terms of the deal were not released.
The Burlington, Vt.-based MGU reported revenue of $13.5 million in 2003.
HRH said that with the completion of this deal, it has acquired more than $80 million in annualized revenues in nine transactions this year, exceeding its goal of acquiring $30-to-$60 million in annualized revenues.
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