Hilb, Rogal & Hobbs Acquires Surplus, Ltd.
NU Online News Service, Nov. 2, 11:15 a.m. EST–Hilb Rogal & Hobbs Company said it has acquired substantially all of the assets of Surplus, Ltd., a Texas-based managing general agency and excess & surplus lines insurance broker.[@@]
Terms of the transaction were not disclosed, the Richmond, Va.-based broker said.
Founded in 1975, Surplus, Ltd., with 2003 revenue of more than $3 million, provides a broad range of products for independent insurance agents and brokers throughout the U.S. The firm specializes in the underwriting and placement of commercial property-casualty, inland marine, professional liability, transportation and personal lines coverages.
President E. Lyle Ashley and his staff will continue serving clients from their offices in Conroe and Austin, Texas, under the direction of Bryan W. Sanders, who oversees HRH's E&S operations.
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