Hub expands central California footprint

Hub International Ltd. has acquired Modesto, California-based brokerage CAPAX Management and Insurance Services Inc., Hub said in a statement Friday.

Terms of the transaction were not disclosed.

CAPAX, which specializes in agriculture coverage and offers captive management services, provides multiline, personal and commercial insurance, and employee benefits consulting, Hub said in a statement.

CAPAX will expand the depth of Hub’s insurance and risk management offerings in the region, said Michael Der Manouel, executive vice president of Hub California Central Valley.

CAPAX President Joel Geddes III will join Hub California and report to Mr. Der Manouel, Hub said.

CAPAX has less than 50 employees, according to its LinkedIn profile.

Hub is the seventh-largest brokerage of U.S. business, according to Business Insurance’s latest ranking. Headquartered in Chicago, it has more than 12,000 employees in North America.