Hub International Ltd. said it has acquired Fredricksen Insurance Services, a Hemet, Calif.-based wholesale brokerage that deals primarily in equine and agriculture related risks. Financial terms were not released.
Fredricksen, Hub said, has been in business since 1986 placing equine and agriculture related insurance risks throughout the United States on a wholesale basis. Hub also acquired PMT, Fredricksen's retail brokerage subsidiary, with 12 employees.
Hub said its existing California office in Hemet would be combined with the Fredricksen operation at Fredricksen's location and become part of Hub International of California Insurance Services Inc.
Kirk Christ, president of Hub California, in welcoming the Fredricksen and PMT teams, along with owner and president Mark Fredricksen, said the acquisition strengthens Hub's capabilities in their core business while giving the firm a property-casualty operation in the Hemet-San Jacinto Valley. It also gives Hub a wholesale operation based on the West Coast, he added.
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