NU Online News Service, Dec. 2, 1:55 p.m. EST
Two major insurance brokers announced acquisitions today, with Hub International Ltd. acquiring an Illinois-based insurance broker and Arthur J. Gallagher acquiring an employee benefits communication and enrollment firm in Florida.
Chicago-based insurance broker Hub International Ltd. says it has acquired the assets of J.N. Morcos Insurance Agency Ltd., an Aurora, Ill.-based retail brokerage firm.
Founded in 1981, Morcos is a full-service agency that offers property and casualty, personal lines and employee benefits insurance programs to a diversified customer base. Their commercial lines clientele is primarily middle-market businesses in the non-profit, municipality, professional services and construction industries.
Hub says this acquisition expands its Hub International Midwest Ltd.’s expertise in these niche areas and provides many cross-sell opportunities to Morcos’ clients.
In connection with this acquisition, the Morcos employees will join Hub Midwest, including Stephen Morcos, president of Morcos, who will report to Neil Hughes, Hub Midwest’s president.
The Morcos team will relocate from its office in Aurora to Hub Midwest’s existing office in Westmont, Ill.
Itasca, Ill.-based Arthur J. Gallagher today announced the acquisition of Worksite Communications, Inc. in Tallahassee, Fla.
Established in 1996, Worksite Communications is an employee benefits communication and enrollment firm. It provides communication, education and enrollment services for both core and voluntary benefit programs to employee benefits brokers and their clients throughout the United States. They specialize in public and private sector employers and union organizations.
The principal, Joseph Gaudino, and his staff of approximately 12, will continue to operate at their current location under the direction of William Ziebell, North central regional executive vice president of Gallagher’s employee benefit consulting and brokerage operations.
In a statement, J. Patrick Gallagher, Jr., chairman, president and chief executive officer says the acquisition will give AJG’s benefit consulting operations additional capabilities in this growing field.
Terms of both transactions were not disclosed.