NU Online News Service, July 15, 2:36 p.m. EDT

The announcement of two acquisitions this week by The Hilb Group marks the entrance of a new insurance brokerage firm by the founder of Hilb, Rogal and Hobbs, which intends to become a force in the middle market brokerage arena through specialization.

The Glen Allen, Va.--based Hilb Group earlier this week said it acquired the business of Joseph Caruso who operates in Charlotte, N.C., and New York in June and J.J. Jerome Associates/EAI of Bay Shore, N.Y., earlier this month.

The acquisitions, said Robert J. Hilb, president and chief executive officer of the Hilb Group, and a former corporate vice president of HRH--which was acquired by Willis Group in 2008--marks the kick-off of the new venture.

The new firm was founded by Mr. Hilb's father, Robert H. Hilb, who was founder and CEO of HRH.

In a video on the firm's website, Robert J. Hilb said now is a great time to start an insurance brokerage firm because of some unique opportunities the industry presents.

"The poor economy, the protracted soft property and casualty insurance pricing market and the reduction of insurance agency aggregators, all combine to make this the perfect time to start a business," he said.

In an interview with NU Online News Service, Mr. Hilb explained that the business plan calls for the acquisition of brokerages that specialize in classes of business. He said the specialization will prove to be a great differentiator as the firm concentrates on its mid-market commercial customers.

What the specialization is does not concern him, Mr. Hilb said. Their commonality will lie in their desire to succeed and to grow.

"It is a question of becoming best in class," he said.

For now, the firm will concentrate on growing its business in the Eastern region of the United States, said Mr. Hilb, and once that is completed, it will look to expand further.

"We think that makes sense for us at this time," he said. "Our acquisition pipeline is robust going up and down the East coast."

The first two acquired firms have combined annual revenue of $3.5 million, said Mr. Hilb, and keep with the firm's message to acquire specialist agencies and deliver specialized services.

Mr. Caruso provides a wide spectrum of insurance brokerage and advisory services focusing on management liability and employee benefits for corporate clients across the country. He is a former managing director of Willis in New York and will lead The Hilb Group's financial services practice.

In business over 50 years, J.J. Jerome, under the leadership of Jerry Jerome, provides specialized insurance programs to the physician and dental professions throughout the state of New York.

James Jerome will head JJJ/EAI for The Hilb Group along with its founder Jerry Jerome.

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