Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Company said it has purchased a book of accounts from Benchmark Insurance Company, an underwriter of retail grocers.
Terms of the deal were not released.
HRH said the accounts were purchased by the firm's Oklahoma operation and will be managed by the branch president, Frank Shadid. HRH said the accounts had a revenue base of over $900,000 in 2005.
According to the Overland Park, Kan.-based company's Web site, Benchmark covers more than 1,800 grocers across the country and insures over $2.8 billon in grocery assets. HRH said the company will continue to do business as an insurance company.
“We are excited to have this opportunity to acquire these accounts after working with Benchmark for many years,” Mr. Shadid said in a statement. “HRH already maintains a strong geographic footprint within the grocer industry, and the purchase of Benchmark's grocery accounts will further enhance our specialty capabilities in the grocery segment.”
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