Hub International Limited plans to acquire First Southeast Insurance Services, Inc. (FSIS), an insurance brokerage firm headquartered in Charleston, South Carolina with four operating units in North and South Carolina.
FSIS will become a new regional platform doing business as Hub International Southeast through offices in Burlington, North Carolina and Beaufort, Bluffton, Charleston, Columbia, Florence, Hilton Head, Myrtle Beach and Ridgeland, South Carolina.
Allison Rhyne, executive vice president of FSIS, and Jimmy Rowe, president of FSIS, will join Hub as part of this acquisition.
The transaction is expected to close in the second calendar quarter of 2011 and is subject to customary closing conditions. Terms were not disclosed.
FSIS, owned by First Financial Holdings, Inc., acquires offers property and casualty, employee benefits and personal lines products and services through several business units: First Southeast Insurance Services; Kinghorn Insurance Services, Inc.; Associated Insurors, Johnson Insurance Associates, Inc.; Peoples Insurance Agency; Employer Benefits Strategies; Somers-Pardue Insurance Services and Benefit Administrators, Inc.
FSIS was founded in 1995 through the merger of two insurance agencies.
Martin P. Hughes, chairman and CEO, Hub International Limited, said his Chicago-based firm has been seeking a partner to join forces with us in the southeastern United States.
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