Hub International Limited announced that subsidiary Hub International Midwest (Hub Midwest) acquired for an undisclosed amount of cash, the stock of Wilson & McPherson Inc. (Wilson), an insurance agency based in Madisonville, Ky. Hub Midwest has existing offices in western Kentucky.
Wilson, whose operations date to 1867, serves primarily mid-size commercial clients. The agency, with revenues of approximately $500,000, will remain in Madisonville, and its president, Layne Smith, will continue as a producer and account manager, reporting to Michael Kohlmeyer, Hub Midwest senior vice president and regional manager.
Roger Forystek, Hub Midwest president, said that folding successful local agencies into Hub’s regional centers was a key component of Hub’s growth strategy. He added, “Wilson McPherson is a fine local firm that will add scale to our business in the territory and also enhance our marketing relationships with regional insurance carriers.” Smith added, “The products and services offered by the Hub organization will enable us to strengthen further the support we offer our clients. It’s a good fit, and we think we’ll grow and prosper as part of the Hub Midwest team.”
Hub Midwest was created December 31, 2002 when the company purchased Fifth Third Insurance Services Inc. from Cincinnati-based Fifth Third Bancorp. This acquisition created Hub International of Indiana Limited which is doing business as Hub Midwest and is the company’s 11th hub in North America. Wilson is the company’s fourth acquisition in 2003.
Topics Mergers & Acquisitions Kentucky
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