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NEW HYDE PARK, N.Y.--A former president of Hilb, Rogal & Hobbs Co. is heading a new brokerage holding company that plans to target middle-market clients and expand regionally from an initial hub in suburban New York.
Robert Lockhart, who resigned as HRH's president and chief operating officer in May 2005, has formed Kinloch Holdings Inc., which completed its first move Sept. 29, acquiring Genatt Associates, a New Hyde Park, N.Y.-based broker. Genatt, which had $26 million in 2005 revenues, specializes in real estate, construction, transportation, health care and hospitality risks.
With Genatt as a base, Kinloch will expand with additional acquisitions in the New York area, new brokerage hires and organic growth, Mr. Lockhart said. The company's goal is to establish additional regional hubs in the Northeast and mid-Atlantic regions--particularly in Boston and Washington--and to expand those operations with additional acquisitions, he said.
Kinloch is backed by equity capital from Northaven Management Inc. of New York and Hartford, Conn.-based CCP Equity Partners, formerly Conning Capital Partners. Northaven and CCP have already provided much of the $150 million in equity capital that Kinloch expects to raise, Mr. Lockhart said, adding that a third equity investor is expected to provide additional capital for the company's next major acquisition.
Kinloch, incorporated in Delaware and based in New Hyde Park, is the latest startup broker formed in the wake of the industrywide contingent commission investigation launched by New York Attorney General Eliot Spitzer's 2004 lawsuit against Marsh.
Mr. Lockhart resigned from HRH after a review of the company's business practices found that an employee in HRH's Hartford office had arranged in 1998 for potentially "improper" payments in connection with professional liability insurance placements, HRH reported in a filing with the Securities and Exchange Commission (BI, May 30). Mr. Lockhart headed the Hartford office at the time; the employee in question was terminated, the filing said.