Hub International Ltd. has acquired the assets of Carlsbad, California-based brokerage Marrs Maddocks & Associates Insurance Services Inc., the company announced on Monday.
Terms of the deal were not disclosed.
MM&A provides commercial property/casualty and employee benefits brokerage services, as well as workplace wellness program services in the greater San Diego, California, area. The company's three principals, Richard and Daniel Marrs and Nancy Maddocks, and their staff will join Hub International Insurance Services operations in California, reporting to Mike Barone, Hub's San Diego-based national president of employee benefits, the company said in a statement.
“As Hub continues to grow organically and through acquisitions, we are frequently evaluating potential acquisitions. A strategic element of that evaluation is the culture of the acquiree,” Mr. Barone said in the statement released on Monday. “While MM&A's solutions — P&C, personal and employee benefits — were in line with Hub's, more importantly its culture, approach to best practices and standards were a perfect fit for us.”
Business Insurance on Wednesday announced the honorees for its second annual 40 Under 40 Broker Awards.