Hub International Limited has closed its acquisition of three Massachusetts insurance brokerages of Citizens Financial Group, Inc. .
As part of the transaction, Hub also entered into a previously announced strategic alliance with Citizens in which the two will leverage their insurance and banking expertise to provide expanded products, services and support to clients.
Hub financed the $80 million acquisition largely through a new credit facility entered into with The Bank of Montreal.
The three insurance brokerages fthat are now part of Hub International are: Citizens Clair Insurance Group (Clair), based in Norristown (Philadelphia), Pennsylvania; Brewer & Lord, based in Norwell (Boston), Massachusetts; and Feitelberg Insurance, based in Fall River, Massachusetts. On a combined basis, the three brokerages had revenue of approximately $45 million in 2005, and operate from 19 offices in Pennsylvania, Massachusetts, and Rhode Island.
Headquartered in Chicago, Hub International Limited is a North American insurance brokerage with offices located in the United States and Canada.
Source: Hub International
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