Insurance broker Hilb Rogal & Hobbs Company said it has signed a definitive agreement to acquire Banc of America Corporate Insurance Agency, L.L.C (BACIA). A dollar figure for the transaction was not disclosed.
BACIA is a subsidiary of Bank of America, headquartered in Charlotte, N.C., and has substantial middle-market brokerage business in the northeastern United States, the Richmond, Va.-based broker said.
BACIA's middle-market focus includes employee benefits, which comprises more than half of its revenues, public sector organizations and private equity businesses. The deal excludes the bank's consumer insurance business and is expected to be completed in the fourth quarter, subject to applicable regulatory approval.
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