Hub buys stake in specialty brokerage

Hub International Ltd. on Friday said it has acquired certain assets of Lewisville, Texas-based financial institutions coverage specialist Resource Insurance Services Inc.

Terms of the transaction were not disclosed.

Hub is acquiring assets related to RIS’s force-placed auto and lender-placed mortgage and “real estate owned” operations, the Chicago-based brokerage said in a statement.

RIS’s focus on the financial institutions industry will complement and strengthen Hub’s specialty practices business, Hub said in the statement.

Don Brooks, CEO of RIS, will join Hub’s financial services division and report to Scott Eckerty, president of Hub Financial Services, according to the statement.