Chicago-based HUB International Limited said the brokerage plans to acquire Florida-based insurance brokerage firm Fortun Insurance Agency to serve as a platform for growth in the Southeast.
Terms of the deal were not released. HUB said it expects to close the transaction during the third quarter of this year.
Fortun, HUB said, will serve as the firm's region hub for expansion in the region.
Hector Fortun, president and founder of Fortun, will serve as president of HUB International Florida Inc., which initially will do business as HUB International Fortun.
Founded by Mr. Fortun in 1977, the Coral Gables, Fla.-based brokerage firm would add approximately $10 million to HUB's annualized revenue base.
HUB will acquire the assets of Fortun Insurance, its retail division; ABCO Insurance, its wholesale insurance business; American Inspection Company, which provides claims, inspections and loss control services; and ABCO Premium Finance, its premium financing division.
Martin P. Hughes, HUB's chairman and chief executive officer, said in a statement, “Florida offers exceptional opportunity for HUB International. Population growth is strong, including a rapidly growing Hispanic demographic and a strong influx of retirees from our traditional markets. The Fortun organization is ideally situated to drive our growth in all segments of this region.”
“HUB will provide us with added tools and resources to grow in our region, said Mr. Fortun. He said HUB would also create opportunities to add new products and services for our existing customers.
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