Hub buys New York brokerage
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Brokerage Hub International Ltd. said Monday that its affiliate, Hub International Northeast Ltd., has acquired the assets of The B&G Group Inc. of Plainview, New York.
Terms of the transaction were not disclosed.
The B&G Group provides commercial insurance to industries, including real estate, business services and construction, the statement said.
The deal adds more than 100 employees to Hub’s Northeast regional presence, bringing the total number of employees in Long Island to 350, the statement said.
Evan Bower, president of The B&G Group, will join Hub Northeast and report to Doug Schenendorf, president of Hub’s Long Island division, the statement said.
“Partnering with The B&G Group is a testament to our commitment to M&A and to our continued growth in New York,” Marc Cohen, president and CEO of Hub, said in the statement.
“The B&G Group brings expertise in key industries that align well with Hub, and their strong presence in Long Island enhances our reach in New York while opening opportunities for us to bring a wider, diverse set of solutions to their customers, including retirement solutions, employee benefits and personal insurance.”
Hub is the seventh-largest broker of U.S. business, according to Business Insurance’s latest ranking. The brokerage has about 12,000 employees located throughout North America, according to the statement.
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