Hub sells its only Latin American benefits and commercial lines broker
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Hub International Ltd. has sold Harmonia Corretora de Seguros Ltda., the São Paulo, Brazil-based insurance brokerage it acquired in 2011, to Howden Insurance Brokers Ltd., London-based Howden said Friday.
Specializing in employment benefits and commercial lines, Harmonia Corretora de Seguros was Chicago-based Hub's first and only Latin American acquisition.
Hub Chairman and CEO Martin P. Hughes called the transaction “transformational for our company” in a 2011 statement announcing the acquisition.
Howden, a unit of Hyperion Insurance Group Ltd., said in a statement that the acquisition is subject to regulatory approval. A company spokesman declined to release information on terms of the deal.
“We have been pleased with the contribution that Harmonia has made to Hub,” Mr. Hughes said in the statement released Friday. “However, we have made the strategic decision to focus on North American opportunities, which have been more robust than at any time in recent memory.”
Harmonia Chairman José Roberto Conduta and CEO Priscila Conduta Elias, among other members of the Conduta family, will continue to lead operations at Harmonia Corretora de Seguros, according to the statement.
Hyperion CEO David Howden said in the statement that “the continuing leadership of the founding family means Harmonia will retain the entrepreneurial spirit that reflects our own, and that has made it such a leader in the Brazilian market. It will help us develop our business in Brazil, which is a crucial market for international growth.”
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