Hilb Rogal & Hobbs Acquires True Benchmark Insurance Services, LLC

    Business Editors/Insurance Writers

    RICHMOND, Va.--(BUSINESS WIRE)--Jan. 3, 2005--Hilb Rogal & Hobbs Company (NYSE: HRH), the world's eighth largest insurance and risk management intermediary, today announced that it has acquired substantially all of the assets of True Benchmark Insurance Services, LLC (TBIS), an excess and surplus lines broker in Oak Brook, Illinois. Terms of the transaction were not disclosed.
    With revenues of approximately $2 million in 2003, TBIS is a wholesale broker primarily serving private, commercially oriented middle-market agencies and brokerages in the Chicago metropolitan area. Although the TBIS book of business is diverse, the firm has expertise in construction, manufacturing, real estate and professional services. Michael E. "Mike" White, president, and the TBIS staff will continue serving clients from their office near Chicago under the direction of Bryan W. Sanders, who oversees HRH's excess and surplus lines operations.
    "With HRH's recent Midwest expansion, we were looking for a strong excess and surplus lines partner that could serve the needs of those retail brokers, as well as others in that part of the country," said Sanders. "TBIS has very strong market relationships and a commitment to providing clients with the very best products and services, thus making it a well suited partner. I am pleased to welcome Mike and his talented staff to our growing team."
    With the TBIS transaction, HRH's first acquisition of 2005, the company continues to execute its strategic expansion into excess and surplus lines, which comprised approximately 5% of total revenues for the 12 months ended September 30, 2004. In 2004, HRH acquired nine brokerages with annualized revenues of more than $80 million. All HRH acquisitions must be accretive to net operating earnings per share in the first year.
    Hilb Rogal & Hobbs Company is the seventh largest insurance and risk management intermediary in the U.S. and eighth largest in the world, with 2003 revenues of nearly $564 million. From offices throughout the U.S. and in London, HRH assists clients in managing risks in property and casualty, employee benefits and many other areas of specialized exposure. The company's common stock is traded on the New York Stock Exchange, symbol HRH. More information about HRH may be found on the internet at www.hrh.com.

    "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Hilb Rogal & Hobbs Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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CONTACT: Hilb Rogal & Hobbs Company Liz Cougot, 804-747-3120 Gary Sharpe, 804-935-3711

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