The Hilb Group: insurance broker profile

Overview

The Hilb Group is a retail insurance brokerage platform based in the Richmond, Virginia area (Henrico County) that has grown almost entirely by buying agencies. Its 2026 materials describe more than 125 offices in 32 states, more than 2,400 staff, more than 200 completed acquisitions and ownership by The Carlyle Group. Insurance Business reported on October 5, 2026 that Richard Spiro, the chief executive, put annual revenue at about $650 million as of late 2024, and that the figure is probably higher now. Virginia Business used "above $650 million" in August 2026 without a year. We found no audited or 2025-year revenue figure.

Hilb has described itself on its website as a "Top 20 Brokerage" without citing a source or date. A 2023 company release named it the 23rd-largest U.S. broker in Business Insurance's ranking and the 18th-largest property-casualty agency in Insurance Journal's. We did not find its position on the 2026 Business Insurance list.

History

The firm was founded in 2009 (one outlet gave 2010) by veteran broker Bob Hilb. ABRY Partners bought a majority stake in 2015 from the earlier owners. In late 2019 Carlyle agreed to buy the majority interest from ABRY, with terms undisclosed, though trade reports had floated a price near $1 billion; we have not verified that price. Business Insurance reported at the time that Hilb had more than 900 associates and 91 branch offices, and Insurance Business reported $141.7 million of annual revenue at the Carlyle deal. Hilb has since grown more than fourfold in revenue by the CEO's figures. Spiro has been CEO since 2017 and marked the company's 15th anniversary in 2024.

Services

Hilb sells commercial property and casualty insurance, employee benefits and some personal lines through acquired agencies, and it has added surety capability, for example through a Georgia bonding agency purchase. The company says it serves more than 330,000 clients. In a November 2024 Richmond BizSense interview, Spiro said the average target is an agency with $4 million to $5 million in revenue, which means most Hilb offices began as small independent agencies. Our own arithmetic from the figures above (about $141.7 million in 2019 to about $650 million in late 2024) suggests revenue grew more than fourfold under Carlyle, though part of that comes from purchases rather than organic growth.

Who it serves

Most customers are small and mid-sized businesses and individuals who find Hilb through an acquired community agency in one of its regions: New England, the Mid-Atlantic, the Southeast, the Midwest and the South Central states. Insurance Business noted Hilb has added agencies in these regions over a 19-month run. A buyer weighing a platform like this against a local independent or a direct insurer can use independent agent, broker, captive agent or direct? and how to choose a commercial insurance broker.

How it is paid

Hilb does not publish a compensation disclosure on the pages we reviewed. Retail brokers are generally paid through commissions from insurers as a percentage of premium, client-paid fees on some accounts such as benefits work, and often contingent or supplemental commissions that depend on volume, growth or profitability of the business placed with an insurer. A platform with hundreds of agencies may negotiate group-level arrangements with insurers on behalf of its offices. Ask any agency in the group for a written statement of all compensation on your account. how commercial insurance brokers get paid explains the typical arrangements.

Recent deals

• Debt refinancing: announced October 31, 2024. Hilb refinanced about $2 billion of debt and upsized its revolving credit and delayed-draw term facilities, adding more than $500 million of debt capacity for acquisitions. Lenders were not named.
• 200th acquisition: a South Carolina property-casualty and employee benefits agency, effective February 1, 2026 (reported February 25, 2026).
• Pennsylvania agencies: one effective January 1, 2026 and another, unnamed, effective September 1, 2026 (reported October 5, 2026). A New Jersey firm took effect November 1, 2025.
• Florida and Michigan: a Florida commercial agency effective July 1, 2026, and a Michigan agency reported in August 2026.

Insurance Business counted more than 20 deals announced since the start of 2025. For the larger market pattern, see private equity and the consolidation of insurance brokers and the largest commercial insurance brokers, ranked by 2025 revenue.

Strengths and weaknesses

• Strengths: a repeatable acquisition process; sponsor-backed capital and a large debt facility; local agency teams; presence in many states.
• Weaknesses: high leverage typical of acquisitive platforms; no independent revenue disclosure; integration across 125 offices; and a private-equity owner that, as with any sponsor, may eventually sell the firm again.

A buyer may ask a Hilb agency whether the original owners remain, which insurers it uses, and how contingent compensation is shared. A Writing a broker RFP for a commercial insurance program can be used to compare Hilb with other brokers.

How to contact The Hilb Group