Richmond, Va.-based insurance broker Hilb, Rogal & Hobbs Company said it has signed an agreement to acquire the stock of London-headquartered Glencairn Group Limited, an independent Lloyd's insurance and reinsurance broker group.
HRH said the deal will consist of a combination of cash and deferred cash consideration and will be financed through HRH's existing revolving credit facility. The firm said it expects to complete the transaction on Jan. 2.
Glencairn, organized in 1991, has more than 150 employees in its London headquarters and three offices in South Africa, Russia and Australia.
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