RICHMOND, Va., Feb. 11, 2013 /PRNewswire/ -- 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.
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 our business."
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.
SOURCE The Hilb Group, LLC