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Hub International Limited announced that it has completed the purchase of Indiana- based insurance broker, Fifth Third Insurance Services, Inc.

The Chicago-based broker may have set some kind of record as well. It only announced that an agreement had been reached to acquire the P/C brokerage business from its parent, Fifth Third Bancorp, last week. (See IJ Website Dec. 30 “National”)

“The purchase price of $37.0 million was paid in cash utilizing an existing bank facility. The Agency has annual revenue of approximately US$25.0 million,” said the bulletin.

Part of Hub’s strategy is to live up to its name. It plans to create its 11th “hub” brokerage around the acquisition. It will then operate six such centers in the U.S. and five outside of the country, with plans for further expansion already in the works.

Topics Mergers & Acquisitions