HRH Buys True Benchmark Ins. Services
NU Online News Service, Jan. 5, 10:50 a.m. EST?Hilb Rogal & Hobbs Company announced it has acquired True Benchmark Insurance Services, LLC, an excess and surplus lines broker based in Oak Brook, Ill.[@@]
Terms of the transaction were not disclosed, HRH said.
With revenues of approximately $2 million in 2003, TBIS primarily serves private, commercially oriented middle-market agencies and brokerages in the Chicago metropolitan area, the Richmond, Va.-based insurance broker said.
HRH went on to say that although the TBIS book of business is diverse, the firm has expertise in construction, manufacturing, real estate and professional services.
Michael E. "Mike" White, president, and the TBIS staff will continue serving clients from their office near Chicago under the direction of Bryan W. Sanders, who oversees HRH's excess and surplus lines operations.
With the TBIS transaction, the broker's first acquisition of 2005, the firm said it is continuing to execute its strategic expansion into excess and surplus lines, which comprised approximately 5 percent of total revenues for the 12 months ended Sept. 30, 2004.
HRH said it acquired nine brokerages in 2004, with annualized revenues of more than $80 million.
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