HRH Purchases Florida’s Sid Banack Insurance

Headquartered in Vero Beach, Fla., Sid Banack Insurance Inc. announced the strategic sale of its Vero Beach and Melbourne offices to Glenn Allen, Va.-based Hilb, Rogal & Hobbs Inc. in an attempt to further the services provided to its clients and promote the successful transition of the agency.

SBI operates primarily as a retail, multi-line property and casualty agency serving middle market commercial and select personal clients. The decision was reportedly predicated on multiple factors, the most significant of which was the similarities between both organizations’ corporate cultures. Although SBI is a generalist serving a broad spectrum of insureds across multiple industries, the agency reportedly has a well-developed concentration in the agriculture industry.

This merger followed a recent spin-off of its Palm Beach Gardens office to an investor group linked with Insurance Office of America earlier this year.