Insurance agency bought

September 20, 1990|By Graeme Browning

Hilb, Rogal and Hamilton Co., the 10th-largest network of insurance agencies in the United States, will acquire Kroh, Miller, Knight & Shackelford Inc., one of the oldest and largest independent insurance agencies in Maryland, it was announced yesterday.

The acquisition is expected to be completed by Oct. 1, following the approval of the boards of both companies and the filing of documents with the Securities Exchange Commission, said a spokeswoman for Hilb, Rogal, which is based in Glen Allen, Va., outside Richmond.

Hilb, Rogal already owns two other small local insurance agencies, Hilb, Rogal and Hamilton Co. of Baltimore in Towson, which the company opened two years ago; and Beatson Corp. in Cross Keys, which Hilb, Rogal purchased in July, a spokesman for Kroh, Miller said.

When the acquisition of Kroh, Miller is completed, the approximately 40 employees in the two small agencies acquired earlier will join the60 employees in Kroh, Miller's offices on Kenilworth Drive in Towson, the spokesman said. The three merged agencies then will operate under the name Hilb, Rogal and Hamilton Co. of Baltimore.

Kroh, Miller was founded in 1878 in Baltimore, said its chairman, Harry J. Cranston. In 1988 it merged with W. T. Shackelford and Co. Inc., another 100-year-old Baltimore agency, and moved to Towson.

The agency represents 22 property and casualty insurance companies and 24 life insurance companies, Mr. Cranston said. It had $4 million in revenues last year.

Hilb, Rogal, formed in 1969, operates 38 insurance agencies in 14 states and the District of Columbia. Its subsidiaries represent more than 120 insurance companies, and its revenues for 1989 were $78 million, the spokeswoman said.

The merger with Hilb, Rogal "will allow us more flexibility when we're negotiating premium levels for our customers. Potentially, we'll be able to get our customers a better deal," Mr. Cranston said.

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