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The Hilb Group LLC said Thursday that it has acquired New Jersey-based William H. Connolly & Co. LLC.
Terms of the transaction, which closed Dec. 1, were not disclosed.
Connolly, founded in 1950, provides mainly property/casualty insurance to businesses, including health care organizations, educational institutions, professional firms, and not-for-profit and social service agencies, Hilb said in a statement.
Connolly’s 55 employees, including William H. Connolly Jr., son of the founder, will join Hilb’s Tri-State operations, doing business as William H. Connolly & Co. out of its existing office in Montclair, New Jersey.
Richmond, Virginia-based Hilb is the 28th largest brokerage of U.S. business, according to Business Insurance’s most recent ranking.
Private equity firm The Carlyle Group has agreed to acquire The Hilb Group LLC from Boston-based private equity firm Abry Partners LLC, the Richmond, Virginia-based brokerage Hilb said on Wednesday.