Chicago-based insurance broker Hub International Limited said it has acquired Manasquan, N.J.-based Bart Proud Insurance. Terms of the deal were not released.
The transaction, Hub said, will expand its penetration of the transportation insurance market.
Hub said the acquired firm was founded by Bart Proud, 63, in 1964 and now produces $3 million in revenue, specializes in transportation risk, and is a managing general agent for Occidental Fire and Marine.
Hub said its 2006 acquisition of Kaufman & Kaufman, based in Salt Lake City, and its recent plans to acquire Coburn Insurance Agency Inc., a trucking insurance specialty brokerage based in Vermont, make it one of the nation's largest transportation insurance specialty brokers with an emphasis on trucking.
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