Hilb Group Announces Acquisitions of Insurance Firms Gencorp and Cornerstone

Business Wire

Consolidation of Rhode Island's Partners Creates New England Platform

RICHMOND, Va.--(BUSINESS WIRE)-- The Hilb Group, LLC is pleased to announce the acquisition of two of New England’s leading insurance brokerage firms: Cornerstone Group, a benefit advisory firm, and Gencorp Insurance Group, a property casualty and employee benefits broker. These transactions were effective June 24, 2015.

The consolidation of Cornerstone and Gencorp will create one of the largest privately owned risk management firms in New England and joins two successful, complementary organizations. By combining Gencorp’s property and casualty insurance offerings with Cornerstone’s employee benefits, HR consulting, and retirement businesses, the consolidated company is positioned to offer a single-source solution that meets the needs of businesses and individuals. The combined operations will serve as the platform for The Hilb Group’s future expansion in New England.

“We are thrilled to have two of New England’s leading insurance brokers join The Hilb Group,” said Robert Hilb, president and CEO of The Hilb Group. “Combining their expertise, reputation and leadership in the market with our scale and resources will create a dynamic, fast-growing organization that will offer clients and employees even more opportunities in the years ahead. We’re excited to add the leadership of these two agencies to our team and look forward to working with them in developing a great New England platform agency.”

“This transaction represents a strategic opportunity to leverage both Gencorp’s strengths and The Hilb Group’s national program offerings to significantly enhance our product portfolio and provide more value to Cornerstone Group clients,” said Robert Calise, principal of Cornerstone Group. “In today’s dynamic and competitive insurance market, this opportunity strengthens our position and will drive greater sustainability for Cornerstone and Gencorp over the long term. We look forward to working with our new partners and our and future success.”

“We all value hard work and foster a vibrant entrepreneurial spirit,” said Joseph Cardello, principal at Cornerstone Group. “Our similar family-like cultures and company history make for a great fit. This partnership will allow us to offer expanded resources for our clients and create opportunities for our employees.”

Robert Padula, CEO of Gencorp, states, “Our relationship with Hilb and Cornerstone will continue our tradition of providing clients with high quality risk management services.”

“This consolidation allows Gencorp to better serve our clients that have a broad geographic base. Our strategic plans and corporate cultures are a perfect fit, and the synergies created by this transaction will benefit our clients, our employees and our insurance company partners,” said Joseph Padula, executive vice president of Gencorp.

“This deal clearly puts The Hilb Group as one of leading middle market insurance brokers in the country,” said Al Sica, managing partner of Sica | Fletcher, LLC. “Hilb’s capital resources will fuel growth and expansion of Cornerstone Group and Gencorp, and we’re delighted to have assisted in making it happen.”

Cornerstone Group and Gencorp will continue to do business under their current operating names. Their existing management and leadership teams will remain intact and the equity partners of both firms will continue to be partners in the consolidated company.

About The Hilb Group
The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Va. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has 33 offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Rhode Island, Tennessee, Virginia, and West Virginia. Please visit our website at: http://hilbgroup.com/

About Cornerstone Group
Founded in 1993, the Cornerstone Group has forged a reputation as a leading benefits advisory firm, serving more than 1,500 employers nationwide. As its clients’ needs have changed over the years, Cornerstone has evolved to meet them with an expanding selection of services designed to address all aspects of employee management. From benefits advisory, human resource consulting, to compliance advice and retirement solutions, Cornerstone’s rapid but measured growth results from the expansion of core services clients want and expect from a full-service advisory firm.

About Gencorp Insurance Group
Gencorp Insurance Group traces its roots back to 1946 as a privately-held firm established by the Padula family in East Greenwich, RI. Gencorp focuses human capital into Industry Practice Groups, providing customized risk management solutions to meet the needs of regional, national and international clients.