Hub International Limited has completed its purchase of Personal Lines Insurance Brokerage, Inc. (PLI) from The Chubb Corporation. The acquisition grows Chicago-based Hub’s personal lines to nearly 20 percent of its consolidated revenue. The focused initiative will be known as Hub International Personal Insurance and will be promoted as a specialty practice, both on a stand-alone basis and to supplement other Hub products and services.
In 2004 PLI generated approximately $27 million in revenue, while Hub’s personal lines revenue totaled $25 million in the United States and $70 million on a consolidated basis, including Canada.
Hub named PLI leaders Jim Kane and Kathleen Zortman to the positions of president and chief operating officer, respectively, for Hub International Personal Insurance in the United States. Their leadership roles will include working with all personal insurance specialists at Hub’s regional offices. Kane will join Hub’s Executive Committee.
Hub International Limited is a North American insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
PLI serves high net worth individuals with personal insurance brokerage, offering coverage options from more than 100 insurance carriers. PLI’s staff is currently based in 18 offices and is licensed to handle insurance in all fifty states. Founded in 1982, the company serves approximately 44,000 clients.
Topics Mergers & Acquisitions USA Agencies Chubb
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