Hub International is an insurance broker that operates more than 340 offices in a decentralized regional hub-and-satellite-office structure. It provides property/casualty, employee benefits, risk management, life and health, reinsurance, and investment products and services to clients in North America (the US and Canada), Latin America, and the Caribbean. Hub is licensed in every state and all Canadian provinces. The acquisitive firm focuses on midsized commercial clients and affluent individuals. The US accounts for the bulk of its revenues. Hub is also able to facilitate cross-border business between the US and Mexico and operates in Brazil.
Buying up small and midsized regional brokerages is key to Hub's growth. Following each acquisition, the company rolls the business into one of its regional or specialty industry units, and works to grow it organically.
US acquisitions in 2012 included insurance brokerage firms Associated Independent Agencies based in Pullman, Washington, and Riverside, California-based Patrion Insurance Services.
Hub expanded in Canada in 2012, buying Ontario-based commercial lines brokerage Bettinson Insurance Group. In 2011 it bought Manitoba-based insurance brokerage Horizon Insurance.
As the insurance market softened, the firm stepped up acquisitions in 2011. These included the purchases of brokerage Sander A. Kessler & Associates and assets of Davis & Graeber Insurance Services in the western US. Before the end of the year, Hub International had made close to 30 acquisitions.
Hub is focused on other growth opportunities as well, including building out its employee benefits business and expanding into new international markets, such as Latin America and Europe. To that end, the company acquired full-service brokerage Harmonia Corretora de Seguros Ltda (São Paulo) in 2011 to form its first regional hub in Latin America and lead the company's expansion into that market. In 2012 Hub International announced plans to establish a hub in the Caribbean region when it agreed to purchase Carrión, Laffitte & Casellas, a full-service brokerage located in Puerto Rico.
Private equity firms Apax Partners and Morgan Stanley Principal Investments own Hub.
The company was formed with the merger of 11 privately held Canadian insurance brokerages in 1998. Hub was taken private in 2007. – less