Hub Strengthens Mid-West Connections
NU Online News Service, Dec. 30, 11:05 a.m. EST?Insurance broker Hub International Inc. announced that its latest acquisition would strengthen the broker's position in the Mid-West.
Hub, headquartered in Chicago, has agreed to acquire Fifth Third Insurance Services Inc., a subsidiary of Cincinnati?based Fifth Third Bancorp.
Hub said the acquisition would be a cash transaction for the property-casualty and employee benefits unit of the agency that is estimated to produce $25 million in annual revenue.
Under the terms of the deal, Hub said Fifth Third Bancorp would keep the life and title insurance business.
The deal is expected to be completed before the end of this year. No additional details on the acquisition were released.
Martin P. Hughes, Hub's chairman and chief executive officer, said the deal would strengthen the firm's position in Michigan and Indiana. Offices in Indianapolis and Evansville, Ind., are expected to generate $10 million in business, he said in a statement.
Roger Forystek, the current CEO of Fifth Third Insurance Services, will remain CEO when the agency's name is changed to Hub International of Indiana, Ltd. He also will join Hub's executive committee.
Earlier this month, Hub announced the acquisition of Los Angeles-based Hooper, Hayes & Associates Inc. and its employee benefits unit, Brentwood Benefits & Consultants Inc.
Hub said this move would allow the firm to begin its growth on the West coast.
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