Hub International Ltd. reports it has agreed to acquire all of the stock of The Rigg Group, Inc., one of the largest Texas-based insurance brokers.
The acquisition includes The Rigg Group’s subsidiaries Wm. Rigg Co., a retail insurance brokerage; Rigg Insurance Managers, Inc., known as RISC Inc., a wholesale insurance brokerage; and Rigg Life Agency, Inc., which does business as Rigg Benefits & Financial Services, a life and benefits brokerage.
Rigg will become a new regional platform doing business as Hub International Rigg (HUB Rigg) with offices located in Dallas, Fort Worth and Houston. Rigg employs approximately 235 people.
Terms of the transaction were not disclosed.
Rigg’s client base includes organizations from the energy, marine, design professionals, government, transportation, construction and manufacturing sectors.
The parties expect to close the transaction during the third quarter of 2007.
When the transaction closes, Cecil Ray, current Rigg CEO, will retire, and the HUB Rigg executive management team will consist of William W. (Bill) Meadows, chairman; R. Jay Scheideman, chief operating officer; Stephen B. Smith, president of retail; William D. Staub, president of wholesale; Charles Reynolds, president of the employee benefits; Thomas Gillis, executive vice president and manager of HUB Rigg operations in Dallas; and Brad Johnson, executive vice president and manager of HUB Rigg operations in Houston.
In 2006, Chicago-based Hub International Limited reported revenue of $544 million.
Source: Hub International Limited
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