The Carlyle Group has signed a definitive agreement to buy a majority stake in insurance agency The Hilb Group from Abry Partners.

Financial terms of the transaction were not disclosed.

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The move follows earlier reports of Abry Partners’ plans to divest its majority holding in Hilb for $975m to $1.1bn.

Hilb, established in 2009, is a middle market insurance agency operating as a portfolio company of Abry Partners since 2015.

The company operates 91 branches with employee headcount of over 900.

Hilb’s management team and employee shareholders are expected to be retained following deal completion.

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Hilb CEO Richard Spiro said: “This investment by Carlyle is a strong endorsement of our growth strategy and represents the next exciting chapter for Hilb.

“Carlyle’s additional capital and resources will significantly benefit our company and associates as we grow our business organically and through targeted M&A opportunities.

“Working with Abry enabled us to accelerate our development and we are equally excited to have new partners to fuel future growth. We have a rich pipeline of partnership opportunities and look forward to continuing our expansion with Carlyle.”

Carlyle Global Financial Services managing director and co-head John Redett said: “We look forward to our partnership, and to supporting Hilb in its next chapter of growth and innovation as it expands into new geographies and product lines to serve the increasingly complex needs of its clients.”

The deal is slated to close in this quarter, subject to regulatory approvals.