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Hub International Ltd. said Wednesday it has acquired Scarborough Company Insurance Inc.
Terms of the acquisition were not disclosed.
Gainesville, Florida-based Scarborough is a multiline insurance provider. Brian and Rick Scarborough, Scarborough's principals, will join Hub Southeast as executive vice presidents, Hub said in a statement.
Hub is the eighth-largest insurance broker worldwide, according to Business Insurance’s latest ranking. The company on Tuesday announced it has acquired multiline insurance brokers Rossmann-Hurt-Hoffman Inc. and CIFS Inc.
Commercial insurance premium renewal rates remained in positive territory in April, except for workers compensation business, according to a premium tracking report released on Wednesday by insurance exchange IVANS.