Hub Completes Mid-West Acquisition
NU Online News Service, Jan. 2, 3:14 p.m. EST? Insurance broker Hub International Ltd., Chicago, said it completed the acquisition of Fifth Third Insurance Services agency based in Indianapolis, Ind.
Hub said it purchased the firm for $37 million cash from Cincinnati?based Fifth Third Bancorp.
A property-casualty and employee benefits agency, Fifth Third generates approximately $25 million in annual revenue. Hub said the agency would be renamed Hub International of Indiana, Ltd.
In selling the agency, Fifth Third Bancorp keeps its interest in the life and title insurance business.
Hub said it expects the sale to strengthen its position in Michigan and Indiana. The Indianapolis and Evansville, Ind., offices alone are expected to generate $10 million in business.
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