Hub International Limited said it has closed on its $80 million acquisition of the three insurance brokerages of Citizens Financial Group Inc. (CFG).
As part of the transaction, Hub also entered into a previously announced strategic alliance with CFG, pursuant to which Hub and CFG will leverage their insurance and banking expertise to provide expanded products, services and support to clients.
The three firms–Citizens Clair Insurance Group, based in Norristown, Pa.; Brewer & Lord, based in Norwell, Mass.; and Feitelberg Insurance, based in Fall River, Mass.–had combined revenue of approximately $45 million in 2005 and operate from 19 offices in Pennsylvania, Massachusetts and Rhode Island.
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