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CHICAGOHub International Ltd. announced Wednesday that it has agreed to acquire substantially all of the assets of Metairie, La.-based Hibernia Insurance Agency L.L.C. from Capital One Financial Corp.
Hibernia, with $18 million in annual revenues, will do business as Hub International Gulf South. The regional brokerage has offices in Lafayette and Baton Rouge, La., as well as Metairie.
Steve Terry, president of Hibernia, will become president of Hub Gulf South.
"The Hibernia Insurance Agency acquisition is a major step in our strategy to increase penetration of the southern United States," said Martin P. Hughes, chairman and chief executive officer of Chicago-based Hub, in a statement.
Hub said Hibernia is its third major brokerage purchase from a bank in recent years. Hub bought brokerage operations from Fifth Third Bank in 2002 and from Citizens Financial Group last year.
Terms of the acquisition, which is expected to be completed during the first quarter of this year, were not disclosed.