Hub Acquires High-End N.Y. Broker
NU Online News Service, March 4, 9:10 a.m. EST?Chicago?based insurance broker Hub International Ltd. announced that its subsidiary Kaye Insurance Group in New York, purchased the assets of Waldron Mahoney, Inc., a New York City-based broker specializing in insurance for high net-worth individuals and mid-sized commercial accounts.
Terms of the acquisition were not released.
Waldron, which generates approximately $700,000 in annual revenue, was founded in 1924. Its owner and president, W. Wright Olney, has been with the firm since 1961. Mr. Olney will serve as a consultant and producer for Kaye Insurance.
Damian Testa, president of Kaye Group's retail property and casualty brokerage division, said, "Waldron's business folds in very nicely to our existing portfolio of personal and commercial accounts. The additional premium volume strengthens our relationships with some important carriers, and we are able to add a talented professional of many years industry experience to our brokerage team."
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