The Hilb Group

What The Hilb Group does

The Hilb Group is a US-based property and casualty insurance brokerage and employee benefits broker founded in 2009 and headquartered in Richmond, Virginia. The company operates through a network of 125+ offices across 32 states, with 2,400+ employees (including 350+ licensed insurance producers and 1,950+ support staff) and reported annual revenue of $650+ million. Since 2019 it has been a portfolio company of The Carlyle Group, whose backing has supported an aggressive acquisition strategy that has produced 200+ completed deals to date.

The platform is organized into three core product pillars — Personal Lines, Commercial Lines, and Employee Benefits — supplemented by 21 specialty programs targeting verticals such as Healthcare, Construction, Transportation, Hospitality, Cannabis, Real Estate, Marine, Police Shield (law enforcement), Financial Institutions, Manufacturing, Government Contractors, Farms, Technology, and Non-Profit. Underlying technology is primarily third-party: RiskMatch for analytics, BenefitPoint for revenue/prospect tracking, Salesforce with Marketing Cloud for CRM, and ImageRight for claims workflow, alongside a proprietary "3C" cost containment process for benefits. Distribution runs through licensed producers and account managers inside owned regional offices, with acquired agencies largely retaining local branding as wholly-owned subsidiaries.

Revenue is generated almost entirely on a commission basis from insurance carriers, augmented by quote-based fees for HR consulting, benefits administration, captive insurance placement (single-cell and group captives including Healthcare Captive/InCap), population health management, and specialty program services. Customer mix spans small, mid-market, and enterprise accounts across 30+ verticals, with named logos including Triton International, Trilogy Wellness of Maryland, Diplomat Demolition, and various medical and healthcare practices. The company is led by CEO Richard G. Spiro (founder-era leader), CFO Aida Sukys, COO Jason S. Angus, with a dedicated M&A team (EVP, SVP, and VP of M&A) executing the roll-up.

Name

The Hilb Group

Legal name

The Hilb Group

Website

https://hilbgroup.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Hilb Group is a US-based property and casualty insurance and employee benefits brokerage that distributes commercial, personal, and specialty coverage through 125+ offices in 32 states, generating $650M+ in annual revenue via carrier commissions and serving mid-market and enterprise clients across 30+ verticals.

Ownership category

akta.pro rank

Product category

Insurance Brokerage Services

NAICS

Insurance Agencies and Brokerages (524210), Human Resources Consulting Services (541612)

SIC

Insurance Agents, Brokers & Service (6411), Services-Management Consulting Services (8742)

akta.pro primary industry

Employee Benefits Brokerage & Consulting (FSAEADAC)

Keywords

• Commercial insurance brokerage
• Employee benefits consulting
• Property and casualty insurance
• Specialty insurance programs
• Risk management services

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance Brokerage Commissions: Hilb Group operates as an insurance brokerage firm earning commissions from insurance carriers for placing business. The company offers property & casualty insurance, employee benefits, and specialty insurance products through a network of agencies.
2. Professional Services: HR consulting services, benefits administration, population health management, and compliance services provided to clients alongside insurance placement.
3. Financing Activity: The company secured approximately $2 billion in financing to refinance debt and expand credit facilities supporting its acquisition strategy.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

The Hilb Group is a property and casualty insurance and employee benefits brokerage that places personal lines, commercial lines, and group benefits coverage for individuals, families, and businesses across more than 30 industry specialty programs. The firm also provides HR consulting, benefits administration, captive insurance solutions, retirement/401(k) services, and in-house claims advocacy through a national agency network of 125+ offices.

Product overview

The Hilb Group is a property and casualty and employee benefits insurance brokerage firm offering a comprehensive platform of insurance products and services. The company operates across three core product pillars: Personal Lines Insurance (auto, homeowners, life, and specialty coverage for individuals and families); Commercial Lines Insurance (business property, liability, workers' compensation, cyber, bonds, and specialty coverages for businesses); and Employee Benefits (healthcare, dental, vision, life insurance, retirement services, and HR consulting). The company differentiates through specialized industry programs including Cannabis, Construction, Healthcare, Hospitality, Transportation, Financial Institutions, Real Estate, Marine, Manufacturing, Government Contractors, Technology, and 21 other specialty practices. Supporting infrastructure includes HR Consulting services, Captive insurance programs, and talent development through Early Career and Internship programs. The company serves clients nationwide through a network of 125+ offices across 32 states and has completed over 200 strategic acquisitions.

Differentiator

Problem solved

Functional benefit

Brands

• Hilb Healthcare: Healthcare specialty platform providing medical malpractice insurance and professional liability coverage for physicians and healthcare facilities.
• PriMed Consulting
• Keane Insurance Group
• Police Shield
• HarborTow
• HarborPro
• HarborGuard

Products and services

• Personal Lines Insurance Individual and family insurance coverage including auto, homeowners, flood, life, long-term care, Medicare, private client, recreational, renters, umbrella, valuables and collections, and watercraft insurance, distributed through Hilb's local agency offices.
• Commercial Lines Insurance Business insurance coverage including business income, captives, commercial auto, commercial crime, cyber liability, directors & officers, environmental liability, general liability, kidnap & ransom, professional liability, bonds, terrorism, umbrella, and workers' compensation.
• Employee Benefits Comprehensive employee benefits products and services including benefits consulting, compliance, communication, dental insurance, flexible spending accounts, population health management, group disability, healthcare, group long-term care, life insurance, healthcare captives, Taft-Hartley health plans, and retirement services.
• HR Consulting Human resources consulting services including virtual HR, recruiting, specialty services, and managed payroll solutions for businesses.
• Cannabis Business Insurance Specialized insurance coverage for cannabis businesses including growers, distributors, dispensaries and multi-state operators, covering property, liability, workers' compensation, cyber and employee benefits.
• Construction Insurance Construction risk management and coverage including construction bonds, general liability, workers' compensation, builder's risk, contractor's tools and equipment, pollution liability, cyber liability, commercial auto, property, professional liability, management liability, installation, OCIP, CCIP, and umbrella liability.
• Healthcare Insurance Medical professional liability insurance and coverage for hospitals, physicians, and healthcare professionals including medical malpractice, business office packages, workers' compensation, cyber liability, and employment practices liability.
• Hospitality Insurance Insurance solutions for restaurants, hotels, bars, venues, and food service operations covering property, liability, liquor liability, workers' compensation, business interruption, and food contamination.
• Transportation Insurance Transportation insurance covering trucking, waste haulers, recyclers, livery services, delivery networks, school buses, non-emergency medical transport, taxis, charter buses with coverages including commercial auto liability, motor truck cargo, occupational accident, and captive solutions.
• Financial Institutions Insurance Specialized protection for banks, credit unions, and insurance companies including professional liability, harassment coverage, bonding solutions, property and casualty, and employee benefits compliance.
• Real Estate Insurance Insurance for real estate agents, property owners, developers, investors, and property managers covering property, business interruption, E&O, D&O, commercial auto, umbrella, cyber, crime, workers' compensation, builder's risk, and pollution liability.
• Marine Insurance Marine insurance programs including HarborTow for marine towers and salvors, HarborPro for repair and dock operations, and HarborGuard for sailing schools, clubs, and charter fleets.
• Police Shield Law enforcement indemnity insurance covering police officer professional liability including negligent acts, errors, omissions, unnecessary use of force, false arrest, and unlawful search or seizure.
• Manufacturing Insurance Insurance coverage for manufacturers including product liability, cargo coverage, property/casualty, employee benefits compliance, and kidnap and ransom policies.
• Government Contractors Insurance Coverage for federal government contractors including Defense Base Act, foreign voluntary workers compensation, errors and omissions, travel accident insurance, and government furnished equipment exposures.
• Farms Insurance Agricultural risk insurance for dairy farms, pork producers, and contract finish operations including crop insurance, farm vehicle, livestock, liability, equipment, and workers' compensation.
• Professional Services Insurance Protection for architects, law firms, advertising agencies, real estate offices, and temp agencies covering errors and omissions, professional liability, and tailored employee benefits.
• Non-Profit Insurance Comprehensive insurance programs for not-for-profit organizations including housing authorities, nursing homes, home health agencies, mental health centers, and assisted living facilities.
• Social Services Insurance Insurance for 501(c)(3) non-profit agencies covering molestation, sexual abuse, directors and officers liability, and staff and client protection.
• Technology Insurance Insurance coverage for value-added resellers, custom software vendors, and tech consultants covering errors and omissions, identity theft, property/casualty, and employee benefits.
• Trailer Dealers Insurance Comprehensive insurance coverage for trailer dealers through partnership with the North American Trailer Dealers Association.
• Wholesale Distribution Insurance Insurance coverage for importers and distributors including product liability, cargo coverage, property/casualty, and employee benefits compliance.
• Home & Condo Owners Associations Insurance Master policy insurance for apartment and condo owners associations covering buildings, common elements, property, and liability under a single package policy.
• FTCA Gap Medical Malpractice Gap or wrap-around policy for community health centers to provide professional liability coverage when Federal Tort Claims Act claims are denied.
• Retail Insurance Comprehensive protection for retailers covering employment practices, credit card processing breaches, workers' compensation, and loss-control programs.
• Captives Insurance Programs Captive insurance programs allowing businesses to take ownership of their insurance company and share in underwriting profits, including single-cell and group captives.
• Healthcare Captive (InCap) Healthcare captive program enabling businesses to gain greater control over health plan design, claims transparency, and healthcare spending.
• Retirement 401(k) Services 401(k) and retirement plan services customized for businesses to help employees save for their future.

Quantifiable outcome

• 400%+ total revenue growth since 2017
• +4 more outcomes

Named customers8 records

Segments11 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Three partnerships are on record, tiered minor and core.

• German American InsuranceminorOthers · 3 June 2024Hilb Group acquired German American Insurance from German American Bancorp for $40 million. The acquired agency continues operating under original branding in southern Indiana and Kentucky, with all employees retained.
• Healthcare Insurance CarrierscoreOthers · 1 March 2024Carrier partners for healthcare/medical malpractice insurance including Indigo, ISMIE, PRA-MMI, TMLT, AMS, Conventus, Curi, Medpro, MLMIC, Coverys, MagMutual, and others providing coverage across all 50 states.
• World-Renowned University Leadership ProgramsminorStrategic or Co-development Partner · 31 August 2022Partnership with university leadership programs for associate development and training, enhancing talent development capabilities.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Acrisure: PE-backed (Blackstone, Fidelity) insurance brokerage that pursued an extremely aggressive acquisition strategy to scale rapidly, making it the closest comparable in business model, PE sponsorship, and roll-up pace to Hilb Group.
• Hub International: PE-backed (Hellman & Friedman, Morgan Stanley) mid-market insurance brokerage built largely through acquisitions of regional agencies, very similar model to Hilb in terms of multi-state roll-up of P&C and benefits brokerages.
• USI Insurance Services: PE-backed (Kohlberg Kravis Roberts) national insurance brokerage offering P&C, employee benefits, and specialty programs through a network of regional offices — a directly comparable mid-to-large brokerage with similar product mix.
• Alliant Insurance Services: PE-backed (Stone Point Capital, KKR) specialty insurance brokerage with strong employee benefits practice and specialty verticals, comparable to Hilb in product breadth and PE ownership profile.
• Risk Strategies: PE-backed (Blackstone, Kelso) specialty insurance brokerage that has grown significantly through acquisitions of regional agencies and specialty practices, with a comparable mid-market roll-up thesis to Hilb.
• Brown & Riding Insurance Services: Specialty wholesale insurance brokerage with strong vertical specialization; comparable to Hilb's specialty-program strategy, particularly in construction and other complex commercial lines.
• Lockton Companies: Largest privately held insurance brokerage in the US, offering commercial, personal, and benefits products through a decentralized office network — a comparable independently-owned competitor with similar product breadth.

Broad incumbents

• Marsh McLennan: Largest global insurance brokerage and consulting conglomerate (parent of Marsh, Mercer, Oliver Wyman); a broad incumbent with overlapping P&C and benefits capabilities and significantly larger scale than Hilb.
• Aon: Global insurance and reinsurance brokerage with deep commercial lines and employee benefits consulting practices; competes with Hilb in mid-market and large-account segments as a broad incumbent.
• Arthur J. Gallagher & Co. Public insurance brokerage and risk management firm with strong mid-market and specialty practice overlap with Hilb, including P&C, employee benefits, and HR consulting adjacencies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/158748750894678
• LinkedInlinkedin.com/company/the-hilb-group-llc
• Instagraminstagram.com/hilbgroup
• Xx.com/HilbGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A87 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Hilb Group