Chicago-based insurance broker Hub International Limited said ithas acquired Manasquan, N.J.-based Bart Proud Insurance. Terms ofthe deal were not released.
|The transaction, Hub said, will expand its penetration of thetransportation insurance market.
|Hub said the acquired firm was founded by Bart Proud, 63, in1964 and now produces $3 million in revenue, specializes intransportation risk, and is a managing general agent for OccidentalFire and Marine.
|Hub said its 2006 acquisition of Kaufman & Kaufman, based inSalt Lake City, and its recent plans to acquire Coburn InsuranceAgency Inc., a trucking insurance specialty brokerage based inVermont, make it one of the nation's largest transportationinsurance specialty brokers with an emphasis on trucking.
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