Hub International, Hellman & Friedman LLC
Global insurance broker Hub International Limited has agreed to be acquired by funds advised by Hellman & Friedman LLC. The transaction values Hub at approximately $4.4 billion.
Under the terms of the agreement, investment funds managed by Hellman & Friedman will hold a majority interest in the company, while members of Hub’s senior management will continue to have a significant equity position, according to the announcement.
Hub is currently owned by private equity firm Apax Partners, which acquired it in June 2007 together with Morgan Stanley Principal Investments for more than $40 per share in a deal worth $1.8 billion. As a result of that transaction, Hub was delisted from the New York and Toronto stock exchanges.
With more than 6,500 employees in the United States (including Puerto Rico) and in Canada and Brazil, Hub said it expects to achieve 2013 revenue of approximately $1.2 billion, after the annualized impact of acquisitions.
The Hub-Hellman & Friedman transaction is subject to customary closing conditions and is expected to be completed before the end of 2013. The company’s existing debt arrangements will be replaced at closing with new debt financing that has been committed by BofA Merrill Lynch, Morgan Stanley Senior Funding Inc. and RBC Capital Markets.
EPIC, SafeHarbor Risk Management
EPIC, a San Mateo, Calif.-based retail property/casualty insurance brokerage and employee benefits consultant, acquired SafeHarbor Risk Management.
Founded in 2009, privately-held SafeHarbor is a P/C insurance brokerage and employee benefit consulting firm, with locations in New York and Boston.
EPIC’s co-founder John Hahn said the addition of the SafeHarbor team would help establish EPIC’s footprint in the East Coast.
EPIC has more than 300 employees operating from 10 offices across California (Los Angeles, Irvine, Ontario, Inland Empire, Folsom, Fresno, San Francisco, San Mateo, Petaluma and San Ramon) as well as in Denver and Armonk, N.Y.
Andrew Agency, Samuel D. Baughman
The Andrew Agency, an independent insurance agency based in Richmond, Va., announced its acquisition of Samuel D. Baughman Insurance Services, an agency also based in Richmond.
The Andrew Agency serves clients in Virginia, Maryland and South Carolina, offering personal and business property/casualty and life and health insurance products and services.
Samuel D. Baughman Insurance, which first opened its doors in 1953, is an insurance agency offering property/casualty and life and health insurance.
Confie Seguros, Economy Insurance Mart
Growing personal lines agency Confie Seguros has acquired Economy Insurance Mart of Spring Hill, Fla., which sells auto, home and small commercial insurance.
Economy Insurance Agency was founded in 1993 and is a privately owned independent insurance agency serving Hernando County.
Confie Seguros has built a national portfolio of regional auto insurance brokerages and is seeking to enlarge its geographic footprint throughout Florida. The company has annual revenue exceeding $200 million and more than 300 retail locations.