Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Company said it has signed a definitive agreement to acquire the operating assets of Loan Protector General Agency Inc. and Loan Protector Tracking Services Inc. Terms of the deal were not released.
The transaction is expected to close Jan.1.
Founded in 1991, the Cleveland-based company expects to record revenues of approximately $8 million in 2006.
Loan Protector caters primarily to banks, savings and loan organizations, credit unions, and mortgage companies. It provides customized insurance tracking programs and lender-placed insurance products for the mortgage industry.
Ronald F. Wiser, president of Loan Protector, and his employees will continue serving customers from their Cleveland office, joining HRH's Mid-Atlantic Region under the leadership of Steven C. Deal, vice president, HRH said.
“Loan Protector's expertise in providing customized lender-placed insurance products will be an asset to HRH's array of products and services, and we are eager to extend the benefits of HRH's national reach to Loan Protector,” said Martin L. “Mell” Vaughan III, HRH chairman and chief executive officer, in a statement.
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