Hilb Rogal & Hobbs Company said it has signed an agreement to acquire Zutz Associates Inc. of Wilmington, Del.
Terms of the deal were not released. Richmond, Va.-based insurance broker HRH said it expects to complete the acquisition by March 1.
Founded in 1940 by Harry David Zutz, the agency provides a wide range of insurance products and services, specializing in professional liability insurance for associations. The agency's 2005 gross revenues were approximately $11.3 million and premium volume exceeded $100 million, HRH said.
The Zutz team of more than 75 professionals will continue to serve clients from its current location under the leadership of its president, Lawrence I. Zutz, and the existing management team. The operation will become part of HRH's Mid-Atlantic region, led by its director, Steven C. Deal.
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