Hilb Rogal & Hobbs Company (NYSE:HRH), one of the world's largest insurance and risk management intermediaries, announced that it has signed a definitive agreement to purchase all of the outstanding equity interests of Banc of America Corporate Insurance Agency, L.L.C. (BACIA), a segment of Bank of America, N.A., and a leading middle market insurance intermediary in the northeastern United States. The transaction is expected to be completed during the fourth quarter of 2007, subject to applicable regulatory approval. Terms of the transaction were not disclosed. The transaction excludes the consumer insurance business of Bank of America, N.A.

Headquartered in Cranford, New Jersey, BACIA has 15 locations in seven states. Formed through the acquisition and integration of six independent agencies, BACIA has grown to become the 27th largest U.S. insurance intermediary and the 6th largest bank-owned insurance intermediary, reporting 2006 revenues of approximately $66.3 million. BACIA's middle market focus includes employee benefits, which comprises more than half of its revenues, public sector organizations and private equity businesses.

?This acquisition will enhance HRH's presence throughout the northeastern United States, especially with BACIA's strong concentration in the metropolitan markets of New Jersey, Pennsylvania and New York City, and additional growing practices in New England,? HRH Chairman and Chief Executive Officer, Martin L. (Mell) Vaughan, III, said. ?This transaction will increase HRH's sales talent and resources, and deepen both our northeast presence and our management bench. We warmly welcome BACIA employees to HRH.?

HRH President, F. Michael (Mike) Crowley, commented, ?HRH continues to be focused on attracting and retaining top industry talent as emphasized in our strategic plan. With over 300 full-time employees, BACIA has developed a wealth of talent in both the employee benefits and property and casualty segments under its excellent executive leadership and growth-oriented business model. BACIA manages over $1.2 billion in commercial insurance and employee benefits retail premiums annually, and has cultivated strong relationships with national and regional carriers. We believe HRH's national resources will complement BACIA's regional strengths, to the benefit of both firms and their clients.?

BACIA's President and Chief Executive Officer, Stanley Jablonowski, stated, ?We're excited about the opportunities that joining HRH presents for our employees and our clients. Joining HRH will allow us to expand the resources and services available to our existing clients and future clients. Our market strength throughout the Philadelphia to Boston corridor allows us to bring immediate value to HRH, and we look forward to expanding and growing our strength in these areas.?

Banc of America Securities LLC acted as exclusive financial advisor to Bank of America, N.A. on this transaction.

Hilb Rogal & Hobbs Company (HRH) is the eighth largest insurance intermediary in the United States, with over 120 offices throughout the United States and the world. HRH helps clients manage their risks in property and casualty, employee benefits, professional liability and other areas of specialized exposure. In addition, HRH offers a full range of personal and corporate financial products and services. HRH is focused on understanding our clients' businesses, employees and risks, as well as the insurance and financial markets, so that we can develop insurance, risk management, and employee benefits solutions that best fit their needs. The company's common stock is traded on the New York Stock Exchange, symbol HRH. More information about HRH may be found at www.hrh.com.

Hilb Rogal & Hobbs Company
Press Contact: Liz Cougot, 804-747-3120
Investor Contact: Carolyn Jones, 804-747-3108
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