He calls the partnership a “terrific” opportunity for Hilb and the firm is examining “a number of opportunities,” but he says the firm is not in a position to disclose those prospects “at this stage.”

Hilb was formed in 2009 by former senior executives of Hilb Rogal & Hobbs Co., which was acquired by insurance broker Willis Group in 2008. The company's aim is to build a middle market commercial property and casualty brokerage through a series of retail agency acquisitions.

Hilb currently provides a broad array of property and casualty, life and health and employee benefits products and services. Hilb says the firm's senior management team will continue to hold a significant ownership stake in the business.

Robert J. Hilb, chief executive officer of Hilb, says in a statement, “The industry continues to offer a tremendous opportunity for consolidation and The Hilb Group has a differentiated value proposition that agency owners have shown excitement around. This transaction provides the company with significant equity capital to continue to execute on our plan.”

Kevin Angelis, managing partner at BHMS, adds, “The Hilb Group was an opportunity that from the onset fit the BHMS mandate well. We are very excited about investing alongside the Company's highly accomplished management team and look forward to a rewarding long-term partnership.”

BHMS is a New York-based private equity firm founded in 2010 by two partners, Angelis and Robert L. Salamon.

Angelis was previously with Morgan Stanley and Salamon was with Kohlberg, Kravis Roberts & Co.