American insurance brokerage firm Hub International has purchased Maryland-based independent insurance agency Insurance Exchange, for an undisclosed sum.
The Insurance Exchange offers employee benefits consulting, commercial property and casualty, loss control, bonding, risk management product and services.
Additionally, the acquired entity also provides personal umbrella, home & auto insurance, retirement plan services, wealth management and international insurance.
Pursuant to the terms of the transaction, The Insurance Exchange president and CEO Joseph Brown will join Hub Mid-Atlantic report to Hub US East regional president Charles Brophy.
Brophy said: “With The Insurance Exchange, we are able to expand our services and expertise, and we’re excited to leverage their retirement experience, providing our clients with comprehensive insurance solutions and resources. Our continued growth will allow us to stay ahead of the curve in meeting our clients’ needs.”
Brown stated: “Joining Hub will help us elevate our services to clients and grow our expertise – all while staying true to doing what’s best for our clients. We look forward to continuing to build an exceptional client experience.”
Earlier this month, Hub acquired assets of Texas-based retirement plan specialist Peak Financial Group as well as Integrated Risk Solutions, a commercial insurance and employee benefits agency based in Waukesha, Wisconsin.
Illinois headquartered Hub International offers property and casualty, life and health, employee benefits, investment and risk management products and services. It employs more than 11,000 employees in offices located throughout North America.