RICHMOND, Va. - (Business Wire) Hilb Rogal & Hobbs Company (NYSE:HRH), one of the world's largest insurance and risk management intermediaries, announced that, effective as of September 1, 2008, it has acquired all the stock of G.A. Pearson and Associates Insurance Brokers, Inc. (Pearson). Terms of the transaction were not disclosed.
With approximately $3.8 million in revenue in 2007, Pearson was founded 27 years ago by Glenn A. Pearson. The company is based in San Diego and specializes in commercial, construction and complex property insurance. Pearson’s employees will merge into HRH’s existing San Diego location, under the local leadership of Thomas A. James, and joining HRH’s West Region under the leadership of Vice President and West Regional Director, William F. Creedon.
Mr. Creedon commented, “Pearson has built an amazing reputation for their client focus and commitment to service, which are two cultural characteristics HRH takes great pride in as a company. In addition to their premier client base, we feel that Pearson’s expertise will blend very nicely into our existing talent in HRH’s San Diego location. We feel privileged and honored to add the Pearson associates to our company.”
About Hilb Rogal & Hobbs
Hilb Rogal & Hobbs Company (HRH) is the eighth largest insurance and risk management intermediary in the United States, with over 140 offices throughout the United States and the world. HRH helps clients manage their risks in property and casualty, employee benefits, professional liability and other areas of specialized exposure. In addition, HRH offers a full range of personal and corporate financial products and services. HRH is focused on understanding our clients’ businesses, employees and risks, as well as the insurance and financial markets, so that we can develop insurance, risk management and employee benefits solutions that best fit their needs. The company’s common stock is traded on the New York Stock Exchange, symbol HRH. More information about HRH may be found at www.hrh.com.
Important Merger-Related Information
On June 8, 2008, HRH announced that it had agreed to be acquired by Willis Group Holdings Limited (“Willis”). The proposed merger between Willis and HRH will be submitted to the HRH shareholders for their consideration. Willis has filed with the Securities and Exchange Commission (SEC) a Registration Statement on Form S-4 that includes a definitive proxy statement of HRH that also constitutes a prospectus of Willis. HRH shareholders and other investors are urged to read the Registration Statement and the definitive proxy statement/prospectus regarding the proposed transaction, as well as any other relevant documents concerning the proposed transaction and the companies that HRH or Willis files with the SEC (and any amendments or supplements to those documents), because these will contain important information. Investors will be able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Willis and HRH, without charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from Willis’s website (www.willis.com) under the tab “Investor Relations” and then under the heading “Financial Reporting” and then under the item “SEC Filings Forms.” Willis, HRH and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from HRH shareholders in connection with the proposed transaction. Information about Willis’s directors and executive officers is available in Willis’s proxy statement, dated March 17, 2008. Information about HRH’s directors and executive officers is available in HRH’s proxy statement, dated March 31, 2008. Additional information about the interests of potential participants is included in the definitive prospectus/proxy statement. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus, meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
Forward-looking statements made in filings by the company with the SEC, in the company’s press releases or other public or shareholder communications, or in oral statements made with the approval of an authorized company executive officer, may include the words or phrases “would be,” “will allow,” “expects to,” “will continue,” “is anticipated,” “estimate,” “project” or similar expressions and are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Hilb Rogal & Hobbs Company
Liz Cougot, 804-747-3120
Fax: 804-747-6046
