The Hilb Group acquires Mass.-based insurance agency
Henrico-based insurance company buys Eldredge & Lumpkin Insurance Agency Inc.
Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday it has acquired Chatham, Massachusetts-based Eldredge & Lumpkin Insurance Agency Inc. (E&L). The transaction was effective July 1.
Financial terms of the acquisition were not disclosed.
E&L is a full-service agency that provides property and casualty insurance. The E&L team, including its owners Alan Long and Pat Long, will join THG of New England and continue its operations out of its current location.
“Dedication to our customers and exceptional service have been priorities for us since our founding in 1930,” Alan Long said in a statement. “With their continued expansion of solutions and resources, THG is the ideal firm for us to join. We are excited to be able to continue working with our customers, and to have access to an expanded array of services and expertise.”
THG was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group since late 2019. Across its 90 offices in 21 states, the company employs more than 900 people.
Since 2015, THG has acquired more than 60 companies. In one year, THG has acquired insurance companies including New York-based BR Vital Brokerage Inc., Pennsylvania-based Greenwald Berk Agency LLC, Massachusetts-based The Incentive Group LLC, New York-based Avanti Associated Ltd., Massachusetts-based Gould & Naimoli Partners LLC, North Carolina-based Employee Benefit Advisors of the Carolinas LLC and Rhode Island-based Wickford Insurance Agency Inc. Its most recent acquisition in April was a book of business from Cleveland-based payroll services company CBIZ Inc.
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