Hilb Group acquires N.J. risk management firm

Henrico County-based insurance company The Hilb Group LLC announced Thursday that it has acquired New Jersey-based E.B. Cohen Insurance and Risk Management.

Financial terms of the transaction were not disclosed.

“E.B. Cohen aligns perfectly with our strategy for growing among industry leaders — bringing a terrific history of insurance and risk management experience and expertise, combined with deep, trusted client relationships,” Hilb Group CEO Ricky Spiro said in a statement. “We are pleased to welcome them to our company, and we look forward to our next steps together.”

E.B. Cohen has operated for more than 90 years and has offices in Roseland, New Jersey, and New York. The firm focuses on hospitality, real estate and small businesses. Agency principals David Owens and Neil Owens, who are brothers, as well as their employees, will join Hilb Group’s regional operations.

“At E.B. Cohen, we pride ourselves on establishing long-term relationships with our clients and understanding their business to produce careful, customized solutions,” David Owens said in a statement. “The partnership we have created with The Hilb Group will deliver access to even greater national resources for both our agency and our customers.”

The Hilb Group was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group since 2019. Across its more than 100 offices in 22 states, THG employs about 2,000 people and has acquired more than 130 companies.

Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group. He retired in 2020.