Hub International Limited announced that Hub International of California Inc., has purchased for an undisclosed amount of cash the assets of Payne & Company Insurance Brokers Inc.
Payne was founded in 1973 and earns approximately $2 million in revenue from middle market commercial business, benefits and personal insurance. The company will relocate to Hub’s Los Angeles office, where John Payne, owner and president of the acquired firm, will serve as a senior vice president, reporting to Frank C. Hayes, president and CEO of Hub International of California Inc.
Martin P. Hughes, Hub chairman and CEO, said the Payne acquisition, the fold-in of a local firm by a regional hub, further advanced the Company’s growth strategy.
“This acquisition is a significant step in expanding in an important territory,” he said. “It broadens our client base and also augments our strength with insurance carriers in the region. We’re pleased to have John Payne join us and help us grow our West Coast operations.”
Payne said, “Hub is an exciting growth story, both on the West Coast and nationally. We’re happy to be part of a dynamic organization with the resources of many talented people. It will help us serve our clients better by giving us access to a wide range of additional products, services and carriers.”
Hub International’s thirteen large “hub” brokerages have significant market presence in their geographic regions in the U.S. and Canada. Each hub provides insurance brokerage services and manages the various other Hub International offices in its territory. The hub brokerages are responsible for growth through sales, service and fold-in acquisitions. The various hub offices report to the head office, located in Chicago, which, in addition to monitoring the activity of each hub, retains responsibility for identifying and acquiring additional hub brokerages.
Headquartered in Chicago, Hub International is a leading North American insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
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