Insurance broker Hub International Limited has acquired Scheer's Inc., a retail insurance brokerage specializing in surety bonds. Terms of the deal were not released.
The Chicago-based insurance broker said Sheer's is headquartered in Westmont, Ill., a suburb of Chicago. Founded in 1963, the firm serves a diverse client base that includes companies in the construction, manufacturing, homebuilding, environmental, energy, transportation and design sectors.
According to Hub, the Scheer's manufacturing and distribution division specializes in the placement and risk management needs of a variety of industries, including equipment leasing, food processing, and metal and plastic manufacturing.
The acquisition will add more than $12 million of revenue to Hub's total surety business portfolio. It will become a new regional platform doing business as Hub International Scheer's, the company said.
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