ABRY-backed THG Names Richard G. Spiro CEO

9/6/17

Richard G. Spiro

The Hilb Group, LLC (THG), a leading property and casualty insurance and employee benefits broker serving small- to medium-sized businesses, announced today the appointment of Richard G. Spiro, former EVP and Chief Financial Officer of The Chubb Corporation (now Chubb Limited, NYSE: CB), as Chief Executive Officer.

Brent Stone, a member of THG's Board of Directors and Partner at Abry Partners, a private equity firm which invested in THG in 2015, said, "On behalf of THG's shareholders, we are delighted to welcome Ricky as the new Chief Executive Officer of the Company. Ricky has extensive leadership, strategic, operational, and financial skills that will further drive progress and growth in the organization, as we continue to identify targeted acquisitions and strategic alliances that will expand our geographic footprint and build THG into the preferred provider of insurance to mid-size businesses. THG's entire leadership team will greatly benefit from his management insights and relationships and we look forward to working closely with him."

Mr. Spiro, 53, replaces Robert J. Hilb, who has left the Company to pursue other interests. "Under Bob's leadership and vision, THG has grown to become a top 50 U.S. insurance agency and we thank him for his many contributions as we worked together to build THG's business," said Mr. Stone.

Mr. Spiro, said, "I have greatly admired THG, which has a talented workforce and an unparalleled reputation for delivering high quality insurance products and excellent customer service to its clients. I am very excited to lead THG as we position the company to achieve new heights. I look forward to collaborating with my new colleagues to drive the company forward and help build enduring value for all of our stakeholders."

Mr. Spiro brings over 30 years of experience in the insurance and financial services sectors to THG. From 2008 to 2016, he was Executive Vice President and Chief Financial Officer of The Chubb Corporation (Chubb), which was one of the world's largest publicly traded property and casualty insurers. Chubb was acquired by ACE Limited in January 2016. Before joining Chubb, Mr. Spiro was an investment banker specializing in advising the insurance industry on mergers and acquisitions, initial public offerings and equity and debt financings. Mr. Spiro was a Managing Director in the financial institutions investment banking group at Citigroup Global Markets Inc. (Citigroup) where he worked from 1999 to 2008. He held a variety of positions in Citigroup's financial institutions group, including Head of North America and Head of Insurance Investment Banking. Mr. Spiro began his investment banking career at The First Boston Corporation in 1986 where he was a Managing Director in the financial institutions group and he also served as a Managing Director and Head of U.S. Insurance Investment Banking at Lehman Brothers. He graduated from Princeton University with an A.B. degree in Economics. Mr. Spiro was also a member of the Board of Overseers of the School of Risk Management at St John's University.

About THG THG is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm Abry Partners. THG seeks to grow through targeted acquisitions in the middle market insurance brokerage space. Please visit our website at: http://hilbgroup.com.

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