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Global insurance broker Hub International Ltd., announced Tuesday the acquisition of BW Insurance Agency Inc., a wholly-owned subsidiary of Bank of the West, adding presence to Hub in eight states including Colorado, Iowa, Minnesota, Nebraska, North and South Dakota, Oregon and Wyoming.
Terms of the transaction were not disclosed, Hub said in a statement.
BW Insurance Agency Inc. will become part of Hub's regional operations including Hub Mountain, Hub Colorado, Hub Northwest, and Hub Midwest.
Employees of Fargo, North Dakota-based BW Insurance who remain with Chicago-based Hub will either stay in existing locations that will become new Hub offices or relocate to nearby existing Hub regional offices. BW's Chief Administrative Officer Wayne Dauwen, will join Hub as chief operating officer, Hub Mountain, based in the Fargo, North Dakota office. Other regional sales and operations leaders also will join Hub, the statement said.
Hub International Ltd. is ranked 9th on Business Insurance's latest ranking for “World's 10 Largest Brokers.”
Chicago-based Hub International Ltd. has acquired the assets of Washington-based Lovsted-Worthington Insurance as well as the assets of New Mexico-based Shofner, Lynch & Shulse L.L.C.