Chicago-based insurance broker Hub International Limited reported that its New York subsidiary has acquired the assets of JM Associates, Ltd. (JM), an agency that has specialized in providing casualty insurance for the elevator industry over the past 15 years.
JM’s operation in Fort Lee, New Jersey, including its employees, will become part of Hub International Northeast and will add $2.5 million in net revenue to the operation, according to the firm.
The acquisition of JM will provide Hub International with a national insurance program for the elevator industry, which is closely linked to the real estate industry for which Hub is already a well-established broker. The company said the elevator program is written with a major A+, admitted insurance company.
Source: Hub International
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