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Hilb Group L.L.C. on Tuesday said it has acquired Charlotte, North Carolina-based Charlotte Insurance in a deal that became effective Feb. 1.
Terms of the transaction were not disclosed.
Founded in 1992, Charlotte Insurance provides property/casualty insurance for businesses and individuals, Richmond, Virginia-based Hilb said in a statement.
Marty Karriker and Sean Hertel, principals of Charlotte Insurance, along with their associates will join the Hilb under the Charlotte Insurance name. The Hilb Group said it will now have four offices in the Charlotte area.
The Hilb Group, an insurance brokerage owned by Boston-based private equity firm ABRY Partners, is looking to grow through targeted acquisitions in the middle market insurance brokerage space, according to the statement.
Wholesale broker All Risks Ltd. has acquired American Management Advisors Inc., a managing general agent and underwriter for group accident insurance products, for an undisclosed amount, the firm said in a statement Tuesday.