Va. firm acquires 2 R.I. companies

EAST GREENWICH – A Richmond, Va.-based insurance brokerage firm has acquired Cornerstone Group in Warwick and Gencorp Insurance Group in East Greenwich.
The Hilb Group LLC on June 24 acquired the two insurance brokerage firms saying the combined operations will help serve as platform for the Richmond company’s expansion into New England. Terms of the deal 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.”
The Rhode Island acquisitions is a part of Hilb Group’s larger strategy to grow through targeted acquisitions in the middle market insurance brokerage industry. The company now has 33 offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Rhode Island, Tennessee, Virginia and West Virginia.
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.
“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.”
– Eli Sherman contributed to this report

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