Chicago-based insurance broker Hub International Limited said it has agreed to acquire Metairie, La.-based Hibernia Insurance Agency, LLC.
With annual revenues of $18 million, Hibernia will become a new regional platform doing business as Hub International Gulf South (Hub Gulf South).
Founded in 1965 as the Rosenthal Agency Inc., the brokerage was purchased in 2000 by Hibernia Agency, LLC. It is now a subsidiary of Capital One Financial Corporation. Hibernia employs 85 people at offices in Metairie, Lafayette and Baton Rouge, La. The agency serves clients throughout the Southeast and beyond the state of Louisiana including Alabama, Mississippi, Arkansas and Texas.
Steve Terry, president of Hibernia, will become president of Hub Gulf South.
Closing of the acquisition, which is structured as an asset purchase, is expected to occur during the first quarter of 2007 and is subject to the satisfaction of customary closing conditions. No other terms of the deal were released.
Hub said it intends to offer employment to all active employees in good standing on the closing date.
This is the third major acquisition by Hub of a large brokerage operation from a major bank, the company said. Hub previously acquired brokerage businesses from Fifth Third in late 2002, and Citizens Financial Group in 2006.
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