Hilb Group has acquired an unnamed Pennsylvania-based property and casualty and employee benefits agency, effective September 1, adding another state to a geographic sweep that has taken in New England, the Southeast, the Midwest, and the South Central region over the past 19 months.
The Richmond, Virginia-based broker, majority-owned by The Carlyle Group since 2019, does not disclose the names or financial terms of acquired agencies, which is a consistent practice across its announcements that reflects its model of preserving local brand identity within a national platform. The Pennsylvania deal is its second in that state this year, following an acquisition that took effect January 1.
Hilb was founded in 2009 and had 91 offices and $141.7 million in annual revenue when Carlyle acquired its majority stake. Since then, the company has completed more than 200 acquisitions and now operates more than 125 offices across 32 states. Annual revenue stood at approximately $650 million as of late 2024, according to CEO Richard Spiro. That figure has likely grown given the continued deal pace.
The acquisition model targets small-to-mid-size regional agencies. Spiro said in a November 2024 interview with Richmond BizSense that the average deal is for agencies with $4 million to $5 million in revenue. The pitch to sellers is access to Hilb's platform - carrier relationships, technology, operational support - while the acquired agency retains its local client relationships - a structure Hilb describes as central to its partnership model.
Hilb's own news page lists more than 20 announced deals since the start of 2025, spanning New England, the Mid-Atlantic, the Southeast, the Midwest and South Central regions — with no apparent concentration in any single geography. The South Carolina deal in February 2026 was publicly flagged as the company's 200th acquisition overall.
