Hub Sells ABCO Insurance Wholesaler to Former Owner

Insurance broker Hub International Limited is selling some of its Florida wholesale and specialty insurance business back to a previous owner.

Hub said it is selling Hub International Florida, including wholesaler ABCO Insurance Underwriters and ABCO Premium Finance, in addition to a specialized commercial lines book of business.

Hub is divesting what it terms as these primarily non-core revenues to Hector Fortun, the former owner of the Florida-based brokerage that was purchased by Hub in 2006.

Hub will retain its personal lines business based in Plantation, Florida and said it will continue to invest and grow in Florida as part of its strategy.

Martin P. Hughes, chairman of the board of directors and chief executive officer, Hub International, said Hub will continue to work with Fortun and his team on cross-referral relationships and other opportunities.