Choice Financial Group has acquired Employee Benefits of Virginia to improve its employee benefits solutions offering to clients and expand its reach in the mid-Atlantic region.
Financial terms of the deal were not disclosed.
Founded in 2015, Richmond-based Employee Benefits of Virginia provides customized, strategic benefits programs that cater to the needs of its clients. Supported by its team, the company has expertise in creative plan design, compliance consulting and risk management.
“The acquisition represents a compelling opportunity to integrate a highly respected firm into our growing platform,” said Robert Hilb, president and chief executive of Choice Financial. Hilb, who founded the Hilb Group, joined the company in 2022 following the retirement of J. Richard Braun.
“Employee Benefits of Virginia shares our approach to delivering excellent customer service and adding them expands what we can offer our clients across the Commonwealth of Virginia.”
Brian Marks, president of Employee Benefits of Virginia, said the transaction will allow them to scale their operations and improve their product offerings.
“We are confident that this partnership positions us for long-term growth and continued success,” he said.
Virginia-based Choice Financial is an insurance agency with institutional capital support from Northlane Capital Partners. With 45 offices in 20 states, the company said it is currently expanding its presence through organic growth initiatives and targeted investments.
In 2022, the company acquired several businesses as part of its growth strategy.
In December of that year, the company purchased The Cody Group, marking its 12th acquisition since partnering with Northland Capital in 2021. This acquisition paved the way for the company’s entry into the New York market. It also acquired Mountaineer Insurance Services, which allowed it to enter the West Virginia market.
The company also partnered with Georgia Pines Agency, a full-service agency with 12 brand locations, allowing it to enter and expand into Florida, Georgia and California. It also acquired Parker Reigle Insurance Agency of Chesapeake to further expand in southeastern Virginia.
