Cornerstone, Gencorp consolidate with Virginia company

CORNERSTONE GROUP in Warwick and Gencorp Insurance Group in East Greenwich have consolidated with The Hilb Group, an insurance brokerage firm in Virginia.
CORNERSTONE GROUP in Warwick and Gencorp Insurance Group in East Greenwich have consolidated with The Hilb Group, an insurance brokerage firm in Virginia.

(Updated 4:35 p.m.) EAST GREENWICH – Cornerstone Group in Warwick and Gencorp Insurance Group in East Greenwich have consolidated with The Hilb Group LLC, an insurance brokerage firm in Richmond, Va.

Robert Padula, CEO of Gencorp Insurance Group, said that within the next 18 months to two years, a new company building will be constructed in Rhode Island as a result of the consolidation, to accommodate the combined 115 employees from Gencorp and Cornerstone.

Joseph E. Cardello, one of the Cornerstone principals, said the name of the companies is expected to change to Hilb Group of New England.

Padula said he expects the number of employees to increase to between 185 and 190 over the next four to five years.

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The consolidation took effect June 16, according to a news release from the companies. Hilb, which has 23 offices throughout the United States, will allow Gencorp to broaden its geographic base, Joseph Padula, executive vice president of Gencorp, said. Gencorp has 30 offices nationally. The combined operations also will serve as the platform for Hilb’s New England expansion.

“This transaction represents a strategic opportunity to leverage both Gencorp’s complementary strengths and The Hilb Group’s national program offerings to significantly enhance our product portfolio and provide more value to Cornerstone Group clients,” Robert Calise, principal of Cornerstone Group, a benefits advisory firm, said in a statement. “In today’s increasingly dynamic and competitive insurance market, this opportunity strengthens our position and will drive greater sustainability for both Cornerstone and Gencorp over the long term. We look forward to working with our new partners, and to our joint and future success.”

Cardello said the change will allow his company to offer expanded services and a greater level of service. He said this has been in the works for a year. Terms were not disclosed.

“We are thrilled to have two of New England’s leading insurance brokers join the Hilb Group,” Robert Hilb, president and CEO of the Hilb Group, said. “Their expertise, reputation and leadership in the market combined with Hilb’s scale and resources will create a dynamic, growing organization that will offer clients and employees even more opportunities in the years ahead.”

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