Hub Acquires Agencies In N.J. & Mass.
NU Online News Service, Oct. 2, 11:14 a.m. EDT?Hub International, Ltd., announced the acquisition of two insurance agencies, one in New Jersey and one in Massachusetts.
The Chicago-based firm said its New York affiliate, Kaye Group, acquired Sondheim & Laughlin Inc., based in Iselin, N.J.
Sondheim, founded in 1875, specializes in arranging auto physical damage and liability insurance for the public auto and limousine industry. Hub said Sondheim has reported revenue of approximately $2 million annually.
Sondheim will remain in Iselin, becoming part of Kaye Group.
Sondheim's president, Robert Laughlin, is retiring. George Hansen, principal and vice president with Sondheim, will become vice president at Kaye Group reporting to Howard Nenner, first vice president at Kaye.
The firm also acquired Commonwealth Insurance Agency Inc., of Lowell, Mass. The agency, with approximately $300,000 in annual revenue, arranges homeowners insurance.
Edgar J. Sidon, owner of Commonwealth, will become vice president at C.J. McCarthy Insurance Agency Inc. in Wilmington, Mass., an affiliate of Hub. He will report to Richard J. Palleschi, president of C. J. McCarthy. Commonwealth will become part of C. J. McCarthy.
Hub did not disclose the purchase amounts for the two agencies.
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