Bank of America Corp. said it would sell its corporate insurance unit to the Glen Allen, Va., insurer Hilb Rogal & Hobbs Co.
The companies did not say how much Hilb Rogal would pay for Banc of America Corporate Insurance Agency LLC, a Cranford, N.J., unit with 15 offices in seven states. It manages more than $1.2 billion of commercial insurance and employee benefits retail premiums annually and had about $66.3 million of revenue last year.
The deal is expected to close next quarter and excludes the $1.5 trillion-asset Charlotte company's consumer insurance business.
"This acquisition will enhance HRH's presence throughout the northeastern United States, especially with BACIA's strong concentration in the metropolitan markets of New Jersey, Pennsylvania, and New York City, and additional growing practices in New England," Martin L. "Mell" Vaughan 3rd, HRH's chairman and chief executive, said in a press release. "This transaction will increase HRH's sales talent and resources and deepen both our Northeast presence and our management bench."
