Hilb Rogal & Hobbs Co. in Richmond, Va., has announced the purchase of True Benchmark Insurance Services LLC, an excess and surplus lines broker in Oak Brook, Ill.
Terms of the deal were not disclosed.
With revenues of about $2 million in 2003, True Benchmark is a wholesale broker serving private, commercially oriented middle-market agencies and brokerages in the Chicago area, Hilb Rogal said on Monday. It has expertise in construction, manufacturing, real estate, and professional services.
In 2004, Hilb Rogal bought nine brokerages with aggregate annual revenues of more than $80 million.
The Virginia company is the seventh-largest insurance and risk management intermediary in the United States and eighth-largest in the world; its 2003 revenues were nearly $564 million. It helps clients manage risks in property and casualty, employee benefits, and other areas of specialized exposure.
