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Hilb buys trucking sector insurance agency

Posted On: Mar. 21, 2017 2:17 PM CST

Hilb buys trucking sector insurance agency

The Hilb Group L.L.C. said Tuesday that it has acquired Manasquan, New Jersey-based American Truck Insurance Exchange L.L.C., effective March 1.

American Truck Insurance Exchange is a property/casualty insurance agency that specializes in the trucking industry, Hilb said in a statement. All of its employees along with the managing partners, Rich Minerva and Ryan Proud, are joining The Hilb Group under their existing name and will continue to operate out of their office.

The company’s website lists one office with five employees.

"With over 40 years in the insurance industry, Rich, Ryan and their team possess considerable experience in trucking insurance," said Robert J. Hilb, founder and CEO of Hilb Group. "Not only is ATIE's insight beneficial to our team but the addition of their agency will expand our already substantial transportation operations in New Jersey.”

The Hilb Group is a middle-market insurance agency headquartered in Richmond, Virginia, and is a portfolio company of Boston-based private equity firm, ABRY Partners.