Chicago-based Hub International Limited announced that it has entered into a definitive agreement to acquire Carrión, Laffitte & Casellas, Inc. (CLC), a full service insurance brokerage firm headquartered in San Juan, Puerto Rico.
The announcement said the “acquisition represents the next phase of Hub’s expansion in Latin America with the formation of Hub International Caribbean Holdings. The acquisition is subject to customary closing conditions and is expected to close in October, 2012. Terms of the acquisition were not disclosed.”
CLC will become a new regional platform, doing business as Hub International CLC (Hub CLC). “Jose Carrión, one of the founders and the President of CLC, his management team and other CLC employees will join Hub and continue operating out of their existing San Juan office and Hub’s Miami, Florida-area office,” said the bulletin.
Carrión will report directly to Neil Morrison, Chairman, Hub International Latin America, CEO & President of Hub International Ontario and the former Chairman of the Worldwide Broker Network.
Hub said that CLC, which dates from 2001, “is the largest independent brokerage firm in Puerto Rico. It offers a broad suite of insurance solutions to commercial and individual clients, including property & casualty and customized plans for high net-worth personal lines clients, and employee benefit programs. CLC serves not only the Puerto Rican market, but also clients located throughout the Caribbean, Latin America and the continental United States. Its diversified client base covers many industries, with a large concentration in the financial and construction sectors.”
Jose Carrión stated that his firm is looking forward “to offering our customers many value-added services, resources and specialties available from Hub.”
Martin P. Hughes, Chairman and CEO, Hub International Limited explained that the “acquisition of CLC represents our commitment to growing our expertise and fostering new relationships in the Caribbean. We are excited about the opportunities that will arise with this new regional hub and we welcome the CLC team to the Hub family.”
“After our successful entry into the Latin American market last year, we have been seeking out partners to further build upon our existing presence in the region,” added Neil Morrison. “CLC and their talented staff have all of the attributes and we look forward to serving their existing clients and growing their customer base in the markets they serve.”
Source: Hub International