Chicago-based brokerage Hub International Ltd. announced the acquisition of Davis Stoker Bodie Insurance Services Inc., a Thousand Oaks, Calif.-based general insurance brokerage. Davis will become part of Hub International of California Inc., the company’s West Coast hub, based in Los Angeles.
Substantially all assets of Davis were purchased for an undisclosed amount of cash. Davis, whose annual revenue is approximately $600,000, was formed in 1986. Lee Davis, a senior partner of Davis, will join Hub’s California operation as a vice president, reporting to Frank Hayes, president of Hub International of California. Davis has been in the insurance industry 21 years.
Hub International of California Inc. is one of 11 regional “hubs” that make up Hub International Limited, one of the largest insurance brokerages in North America. Hub International’s growth strategy includes the acquisition of large entrepreneurial brokerages that service primarily middle market clients, and the expansion of these regional hubs through fold-in acquisitions of smaller, local firms. Since Jan. 1, 2003 Hub has made eight fold-in acquisitions, including Davis.