HRH To Buy Vermont MGU
NU Online News Service, Nov. 18, 2:09 p.m. EST?Hilb Rogal & Hobbs Company said it has signed an agreement to acquire Smith, Bell & Thompson Inc., a Vermont-based managing general underwriter.[@@]
Terms of the deal were not released. The purchase is expected to be completed by Dec. 1.
In business for 75 years, Smith, Bell & Thompson writes national specialty programs that include metal and plastics, social services, medical equipment and home health care, medical facilities, and specialty workers' compensation. Smith, Bell & Thompson had reported revenue of more than $13.5 million in 2003.
Roger D. Teese, Smith, Bell & Thompson president, and his team of 78 insurance professionals will continue to serve clients from their office in Burlington, Vt.
HRH, based in Richmond, Va., said this would mark the ninth acquisition by the firm this year and would bring annualized revenues acquired in the year to more than $80 million.
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