Hub Acquires N.H. Agencies
NU Online News Service, Oct. 9, 3:50 p.m. EDT?Chicago-based insurance broker Hub International Ltd. announced the acquisition of Garnet Health Systems Corporation and Garnet Insurance Services, LLC, both of Hampton, N.H.
Garnet's health systems group provides credentialing services enabling physicians to outsource to Garnet the completion of forms required by carriers. It is a fee-based business that currently has a customer base of approximately 9,000 physicians at various hospitals, HMO's and other provider groups.
Garnet's insurance services operation earns commissions by arranging medical malpractice insurance for doctors. Garnet's clients are primarily in New England, Metropolitan New York City, California, Illinois and Michigan, according to Hub.
Hub said the firms have reported combined annual revenue of approximately $3 million. They will remain in Hampton and become part of C.J. McCarthy Insurance Agency Inc., a subsidiary of Hub.
Garnet's principals, Donald V. Earle, president, and Michael R. Jeresaty, executive vice president, will report to Richard J. Palleschi, McCarthy's president.
Terms of the deal involved an undisclosed amount of cash, Hub said.
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