Hilb Rogal & Hobbs Company (NYSE:HRH), the world's eighth largest insurance and risk management intermediary, announced that effective today it has completed the previously announced acquisition of the stock of Smith, Bell & Thompson, Inc., a Vermont-based managing general underwriter (MGU) with 2003 revenue of more than $13.5 million.

With national specialty programs that include metal and plastics; social services; medical equipment and home healthcare; medical facilities; and specialty workers' compensation, Smith, Bell & Thompson has helped a diverse client base manage risks for more than 75 years. Roger D. Teese, Smith, Bell & Thompson president, and his team of 78 insurance professionals will continue to serve clients from their office in Burlington, Vermont under the direction of Martin L. Vaughan III, HRH chairman and chief executive officer.

With completion of the Smith, Bell & Thompson transaction, HRH has acquired more than $80 million in annualized revenues in nine transactions in 2004, exceeding its goal for the year of acquiring $30 million to $60 million in annualized revenues.

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.