Hub Acquires Payne & Co. In California
NU Online News Service, July 13, 11:42 a.m. EDT?Chicago-based broker Hub International Ltd. is expanding in California with the purchase of Payne & Company Insurance Brokers Inc.in Los Angeles.[@@]
Hub said the purchase was made by Hub International of California Inc. in a deal for an undisclosed amount of cash. No additional terms of the transaction were released.
In business since 1973, Payne earned approximately $2 million in revenue from middle-market commercial business, benefits and personal insurance accounts in 2003.
The agency will relocate to Hub's Los Angeles office, where John Payne, owner and president of the acquired firm, will serve as a senior vice president, reporting to Frank C. Hayes, president and chief executive officer of Hub International of California.
Martin P. Hughes, chairman and CEO of Hub, said the Payne acquisition further advances the firm's growth strategy and is a "significant step in expanding in an important territory."
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