Charles Newman Co., an insurance and employee benefits firm located in Peekskill, was recently acquired by the Hilb Group, a leading property, insurance, employee benefits and advisory firm headquartered in Richmond, Virginia.
The Hilb Group leads a growth strategy of acquisitions, having now completed more than 120. It has more than 100 offices across 22 states, and is a portfolio company of global investment firm The Carlyle Group.
Charles Newman Co. is a licensed full-service broker, owned by Charles Newman, and has been a long-time provider of insurance plans for the Westchester County Bar Association, the Westchester County Correction Officers Benevolent Association and the Westchester County Superior Officers Association, along with serving as insurance broker for the members of the Hudson Valley Gateway Chamber of Commerce and the New York State Academy of Trial Lawyers.
“Charles Newman and his team represent an ideal fit for our growth strategy,” Hilb Group CEO Ricky Spiro said. “They have established, trusted relationships in an important market and are poised to deliver even more value to an expanding client base. We are pleased to welcome them to the Hilb Group, and to continue our broader growth in New York and beyond.”
Newman and the rest of the firm’s team will join the Hilb Group’s tristate regional operations.
“This partnership marks a tremendous step in not only allowing us to maintain the strength of our local connections, but also to further enhance the resources and offerings we can deliver to our customers, now and for the future,” Newman said.
