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GLEN ALLEN, Va.--Hilb Rogal & Hobbs Co. has signed a definite agreement to acquire the stock of Glencairn Group Ltd., a London-based independent Lloyd's of London insurance and reinsurance broker group, HRH announced Wednesday.
Glencairn's annualized 2006 revenues are expected to reach about $39 million, making it Glen Allen, Va.-based HRH's largest international acquisition. The company, founded in 1991, has offices in Australia, Russia and South Africa, as well as in London.
Glencairn provides products and services primarily in the property, casualty, reinsurance, financial, professional, accident and health, and specialty areas, including political risks and cargo, through both wholesale and retail operations.
"By uniting Glencairn with our existing London operations, HRH will triple its size in the United Kingdom, combining the forces of some of the most talented insurance professionals in London," said Martin L. Vaughan III, HRH's chairman and chief executive officer, in a statement announcing the acquisition. "Our expanded presence in this marketplace will allow HRH increased access to the Lloyd's of London market and other critical international underwriting markets, including Bermuda."
Steve Hearn, Glencairn's current chairman and CEO, will be appointed CEO of HRH's existing London operations and continue to lead his current staff. The transaction is scheduled to be completed on Jan. 2, 2007. Terms of the acquisition were not disclosed.
HRH ranked 10th on Business Insurance's 2006 ranking of the world's largest insurance brokerages.