Broker expands into New England with acquisitions

Virginia insurance broker The Hilb Group L.L.C. on Tuesday said it has acquired two New England brokers: benefits advisory firm Cornerstone Group and property/casualty and employee benefits broker Gencorp Insurance Group.

The transaction, which adds to Hilb's middle-market presence, became effective June 24, Hilb said in a statement. Terms of the deal were not disclosed.

The consolidation of the two newly acquired companies will serve as the platform for Richmond, Virginia-based Hilb's expansion into New England, according to the statement.

Cornerstone, based in Warwick, Rhode Island, and Gencorp, based in East Greenwich, Rhode Island, will continue to do business under their current operating names. Existing management and leadership teams will remain intact, and the equity partners of both firms will continue to be partners in the consolidated company, the statement said.

The two companies have about 100 employees combined, a Hilb spokesman said.

Hilb has offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Rhode Island, Tennessee, Texas, Virginia, and West Virginia.