Hilb Group acquires The Pennoyer Group adding strength to
RICHMOND, Va., Feb. 11, 2013 -- The Hilb Group, LLC ("THG") is pleased to announce the
acquisition of The Pennoyer Group, Inc. ("Pennoyer")
from its shareholders. The transaction was
effective January 31st, 2013. Pennoyer was
founded in 1978 by Paul Pennoyer and is based
in Crofton, MD with an additional office in Bel
Air, MD. Pennoyer provides personal and
commercial insurance solutions, as well as a
national specialty niche insurance program
targeting real estate agent professional
liability to its customers.
Robert J. Hilb , President and CEO of THG said "We are
delighted to welcome Paul and his team to THG.
This transaction continues our strategic plan of
acquiring strong mid-market agencies on the East
Coast. We believe that with THG, Pennoyer can
grow aggressively in the DC-Baltimore area."
Paul Pennoyer , President of Pennoyer said "THG is a great
fit for us culturally and we are excited to join
forces with Bob and his team. Many Pennoyer
associates have been with me for over 20 years,
and it's great to find a partner that values the
experience of our people while helping us grow
The Hilb Group was founded in 2009 by Robert H. Hilb , the
former founder, CEO and Chairman of Hilb Rogal &
Hobbs (NYSE: HRH), and Robert J. Hilb , a former corporate VP of HRH.
The Hilb Group seeks to grow through targeted
acquisition and strategic alliances in the
middle market insurance brokerage space. The
Hilb Group is headquartered in Richmond, VA with
offices in Virginia, North Carolina, Tennessee,
Georgia, Maryland, Connecticut and New York.
Garland McPherson & Associates, LLC, Baltimore, Md. initiated the
transaction, acted as a financial advisor and
negotiated the transaction for Pennoyer, and
Bagley & Rhody, Annapolis, Md. served as counsel
to Pennoyer in closing the transaction.