Hilb Group acquires Mark E. Malvaso Agency to boost footprint in New York

The Hilb Group, a US-based property and casualty and employee benefits insurance brokerage and advisory firm, has acquired the Mark E. Malvaso Agency for an undisclosed price in a move to consolidate its footprint across New York state.

The financial terms of the deal were not revealed.

Based in Elbridge, the Mark E. Malvaso Agency caters to its clients with full personal, business, and agriculture services.

The company’s principal Mark Malvaso will join the Tri-State regional operations of Hilb Group as a producer.

Ricky Spiro — Hilb Group CEO said: “We are thrilled to welcome Mark to the team. This addition is a perfect complement to our growth strategy of teaming with strong partners who have deep relationships in the communities we serve.”

Hilb Group, which is a portfolio company of The Carlyle Group, has closed over 125 acquisitions, and currently has more than 100 offices across 22 states.

Mark Malvaso said: “This is an exciting step for us as we partner with the Hilb Group. We are particularly pleased by the potential for growth through added resources and offerings, and ultimately delivering even greater solutions and value to our customers.”