Hilb Rogal & Hobbs Company said it completed its acquisition of Banc of America Corporate Insurance Agency L.L.C. yesterday, forming a new business region in the process. Transaction terms were not released.
Headquartered in Cranford, N.J., BACIA's focus includes employee benefits, which comprises approximately two-thirds of its revenues. The organization also specializes in the public sector and private equity arenas. BACIA was formed through the acquisition and integration of six independent insurance agencies.
In 2006 BACIA had revenues of approximately $66.3 million. The firm's 15 locations are concentrated in the Northeast, with a presence in metropolitan markets of New Jersey, Pennsylvania, New York City and several growing branches in New England.
The deal does not include Bank of America's consumer insurance business.
The Richmond, Va.-based insurance broker, said that due to BACIA's strong concentration in the northeast, HRH will create a new region, the Northeast metro region.
Leading the new region will be former BACIA Chief Executive Officer and President, Stanley Jablonowski. It will include all of the existing BACIA locations in New York, New Jersey and Pennsylvania, as well as the HRH branches in New York City, Buffalo, N.Y.; Stamford, Conn.; and all of New Jersey.
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