Chicago-based insurance broker Hub International Ltd. on Wednesday announced its acquisition of three companies.
Hub subsidiary Hub International Midwest Ltd. has acquired employee benefits insurance brokerage Corporate Benefit Consultants Inc., which will continue to operate from its Des Plaines, Ill., office. “This significant acquisition will make Hub one of the largest employee benefits providers in the Midwest, further strengthening our presence and positioning us for substantial growth in the region,” said Neil Hughes, president and CEO of Hub Midwest, in a statement.
Hub's FNA Insurance Services Inc. unit has acquired New Hyde Park, N.Y.-based employee benefits general agent First National Administrators Inc. The FNA group of companies will be co-located with Hub's wholesale division, Program Brokerage Corp., in Woodbury, N.Y., the broker said in a statement.
“After considering many options, we decided to partner with Hub because of its reputation, proven business model, similar culture and client service approach, and long tradition of honoring the wholesale/retail broker relationship, while providing us with a platform to offer our brokers the entire spectrum of products and programs they need to service their clients' insurance need,” Larry Lynch, president & CEO of FNA, said in the statement.
And Hub's Beacon Underwriting Ltd. subsidiary has acquired Vancouver, British Columbia-based managing general agency Can-Sure Underwriting Ltd., which will be retained as a brand. “We are thrilled to welcome the talented team from Can-Sure,” Rick Roberts, chairman of Beacon, said in a statement. “By combining the forces of Beacon and Can-Sure, we will offer our brokers an outstanding array of products supported by strong technical expertise that will further help them develop and grow their businesses.”
The terms of the deals were not disclosed.
Hub is the 10th-largest insurance broker worldwide, according to Business Insurance's latest ranking.