Hub International Limited announced today that it has acquired Scheer’s, Inc. one of the largest privately-owned retail insurance brokerages in the United States specializing in surety bonds.
Scheer’s, headquartered in the Chicago suburb of Westmont, will become a new regional platform (hub) doing business as Hub International Scheer’s. The acquisition will add more than $12 million of revenue to Hub’s total surety business portfolio. Terms of the acquisition were not disclosed
Founded in 1963, Scheer’s serves a client base that includes companies in the construction, manufacturing, homebuilding, environmental, energy, transportation and design sectors. The Scheer’s manufacturing and distribution division specializes in the placement and risk management needs of a variety of industries, including equipment leasing, food processing and metal and plastic manufacturing.
“The Scheer’s transaction supports our previously announced acquisition strategy to focus on the creation of national specialty platforms,” said Martin P. Hughes, chairman and CEO of Hub International Limited. “We already have built significant employee benefits, trucking, personal lines and nursing home practices, and now with Scheer’s we will enhance our bonding and surety practice.”
“Although headquartered in the Chicagoland area, Scheer’s client base is national in scope,” said Jim Moore, president of Scheer’s. “In fact, approximately 69 percent of our sales volume is generated by clients based outside Illinois. By joining HUB and gaining access to various sales tools, resources and support, we look forward to expanding further and becoming an integrated national platform.”
Source: Hub International