Hub Completes Mid-West Acquisition

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NU Online News Service, Jan. 2, 3:14 p.m. EST?Insurance broker Hub International Ltd., Chicago, said it completedthe acquisition of Fifth Third Insurance Services agency based inIndianapolis, Ind.

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Hub said it purchased the firm for $37 million cash fromCincinnati?based Fifth Third Bancorp.

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A property-casualty and employee benefits agency, Fifth Thirdgenerates approximately $25 million in annual revenue. Hub said theagency would be renamed Hub International of Indiana, Ltd.

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In selling the agency, Fifth Third Bancorp keeps its interest inthe life and title insurance business.

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Hub said it expects the sale to strengthen its position inMichigan and Indiana. The Indianapolis and Evansville, Ind.,offices alone are expected to generate $10 million in business.

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