Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Company said it has signed a definitive agreement to acquire the operating assets of Loan Protector General Agency Inc. and Loan Protector Tracking Services Inc. Terms of the deal were not released.
The transaction is expected to close Jan.1.
Founded in 1991, the Cleveland-based company expects to record revenues of approximately $8 million in 2006.
Loan Protector caters primarily to banks, savings and loan organizations, credit unions, and mortgage companies. It provides customized insurance tracking programs and lender-placed insurance products for the mortgage industry.
Ronald F. Wiser, president of Loan Protector, and his employees will continue serving customers from their Cleveland office, joining HRH's Mid-Atlantic Region under the leadership of Steven C. Deal, vice president, HRH said.
“Loan Protector's expertise in providing customized lender-placed insurance products will be an asset to HRH's array of products and services, and we are eager to extend the benefits of HRH's national reach to Loan Protector,” said Martin L. “Mell” Vaughan III, HRH chairman and chief executive officer, in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
