Richmond, Va.-based insurance broker Hilb, Rogal & Hobbs Company said it plans to acquire The Urman Company, a Denver-based retail employee benefits and property-casualty brokerage. Terms of the deal were not released.
The transaction is expected to close on June 1.
Founded in 1970 as a brokerage for the insurance needs of school executives and for the employee benefits plans for Colorado school districts, the current incarnation of the firm was formed by its current chief executive officer and owner, Frank Urman, in 1988.
Urman reported annualized revenues of approximately $4.7 million in 2006. The firm specializes in managing public educational entities and municipalities.
Urman's 54 staff will continue operating out of their existing locations that include Dillon and Brighton, Colo., and Cheyenne, Wyo., HRH said.
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