Reed, the 2018 Masters champion, started the final round two shots ahead of Jacob Skov Olesen.
The Dane shot a one-under 71 and ended in a tie for third with American Johannes Veerman.
Meanwhile, Reed carded a second consecutive two-under round of 70 to ensure victory, despite Hill hitting an impressive five-under 67 to finish second outright.
“Golf feels good at the minute,” said the 31-year-old Hill.
“I feel like I did a lot of things well and if you put me in that position again I feel like I could convert from there.”
Last month, Reed became the second high-profile American to leave LIV and return to the PGA Tour after Brooks Koepka.
American Koepka is able to play on the PGA Tour straight away after it recently introduced a new returning member programme.
It allows players who have been away from the PGA Tour for at least two years and have won The Players Championship or a major between 2022 and 2025 to play again on the series, with the avenue closing on 2 February.
However, Reed does not meet that criteria and rules dictate he will not be eligible to play on the PGA Tour again until August – a year after his last LIV appearance.