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CHICAGO--Hub International Ltd. will acquire substantially all of the assets of BNCCORP Inc.'s insurance agency operations for about $37 million.
Phoenix-based BNC Insurance Services, which does business as Milne & BNC Insurance Services, generates about $19 million in revenues through its 85 employees in Arizona, North Dakota and Colorado, Hub said Thursday.
Milne & BNC Insurance will become a new regional platform for Hub and will operate as Hub International Milne. Richard Milne, president of the brokerage, will become president of Hub Milne's Phoenix-based operations. The North Dakota offices will be folded into Hub Mountain States and the Colorado office will be folded into Hub Southwest, Hub said.
Earlier this month, Hub said it agreed to be acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments in a deal valued at $1.8 billion (BI, March 5).