The Hilb Group said it has acquired a Texas-based property and casualty business to expand its presence in the state.
The financial terms of the acquisition, which took effect Dec. 1, were not disclosed.
The unnamed business will be added to the company’s growing property and casualty portfolio in the state and region.
Hilb Group, a portfolio company of global investment firm The Carlyle Group, is a property and casualty and employee benefits insurance brokerage and advisory firm based in Richmond, Va.
The company seeks to grow through various strategic acquisitions and by using its resources and expertise to drive organic growth. To date, the company said it has completed more than 180 acquisitions in 30 states.
In November, the company purchased an unnamed Louisiana-based property and casualty business. The month before that, it acquired another property and casualty business based in Alabama.
The company also purchased a Rhode Island-based Medicare book of business that will be serviced through its Medicare National Practice, and a Colorado-based worksite enrolment business. The acquisitions became effective Sept. 1.
The company also successfully secured about $2 billion in its recent funding round intended to refinance its existing debt and increase its revolving credit and delayed draw term facilities.
Hilb Group said the funds will support its continued acquisition and growth strategy by adding more than $500 million of debt capacity available for M&A.
“We are excited to continue executing on our growth strategy and to build on our track record of introducing high-quality agencies to the Hilb platform,” Hilb chief executive Ricky Spiro said in the statement announcing the funding round. “The new facility will provide us with the strength and flexibility to stay focused on investing in talented individuals who align with our culture and approach.”
