Hub International Limited said it has acquired Impact Insurance Services, based in Dallas, and consolidated its operations with Hub International Midwest's financial institutions business.
Transaction terms were not released.
The financial institutions practice of Hub Midwest provides creditor-placed insurance coverage and related insurance brokerage services to banks and other lenders. Impact Insurance offers an array of transactional custom products and services.
"It is a relatively small acquisition in terms of its size," said Michael Rosenbaum, a company spokesman, "but we think it offers some good, long-term potential in terms of the opportunity to grow in the targeted markets."
The Chicago-based insurance broker said that with the acquisition Hub Midwest's Financial Services Division will be a diversified practice that will incorporate new niche products and services into Hub's former financial institution practice. The acquisition provides both management expertise and expanded transaction volume to the financial institutions business.
Kirby Jordan and Scott Eckerty, principals of Impact Insurance, will join Hub International Midwest as managers of the expanded business unit.
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