Chicago-based HUB International Limited announced it has agreed to acquire substantially all of the assets of Louisiana-based insurance brokerage, Hibernia Insurance Agency L.L.C. Hibernia Insurance, an $18 million revenue brokerage firm, will become a new regional platform (hub) doing business as Hub International Gulf South (HUB Gulf South).
Based in Metairie, La., Hibernia Insurance employs 85 people at offices in Metairie, Lafayette and Baton Rouge. It serves clients throughout the Southeast and beyond the state of Louisiana including Alabama, Mississippi, Arkansas and Texas. Steve Terry, president of Hibernia Insurance, will become president of HUB Gulf South.
Martin P. Hughes, HUB International’s chairman and chief executive officer, said “Hibernia Insurance brings more than 40 years of solid client service and a high quality reputation to HUB.” He added that the agency has a good mix of property and casualty and employee benefits accounts.
Founded in 1965 as the Rosenthal Agency Inc., the brokerage was purchased in 2000 by Hibernia Agency L.L.C., now a subsidiary of Capital One Financial Corporation. This acquisition marks the third major purchase by Hub International of a large brokerage operation from a major bank. HUB previously acquired brokerage businesses from Fifth Third in late 2002, and Citizens Financial Group in 2006.
Closing of the acquisition, which is structured as an asset purchase, is expected to occur during the first quarter of 2007 and is subject to the satisfaction of customary closing conditions. HUB intends to offer employment to all active employees in good standing on the closing date. Financial terms of the acquisition were not disclosed.
Source: HUB International
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