A Virginia employee benefits firm with a major presence in Central Ohio on Monday announced a buyout deal with global insurance broker Willis Group Holdings Ltd. (WSH).

Richmond, Va.-based Hilb Rogal & Hobbs Co. (HRH) said it will be acquired by London-based Willis Group in a deal valued at $2.1 billion. Willis will buy all outstanding Hilb Rogal stock for $46 a share, representing a 49-percent premium over the firm’s Friday close of $30.89.

Hilb Rogal entered the Central Ohio market in 2001 with the purchase of Berwanger Overmyer Associates. The company, ranked last year as Central Ohio’s largest independent insurance agency, in 2007 recorded about $304 million in area-written premiums.

The deal is expected to close in the fourth quarter, pending Hilb Rogal shareholder and regulatory approval. Willis said the deal will more than double its North American revenue in its employee benefits sector, an area it has targeted