Chicago-based insurance broker Hub International Limited said it plans to acquire The Rigg Group Inc. of Texas. Terms of the deal were not released.
Rigg is an insurance brokerage and risk management firm that primarily provides property-casualty, employee benefits, executive risk management, personal lines and enterprise risk management products and services. The services are provided to clients in energy, marine, design, government transportation, construction and manufacturing sectors.
The 112-year-old firm employs approximately 225 people in offices located in Dallas, Fort Worth and Houston. Hub said it plans for Rigg to become a new regional platform doing business as Hub International Rigg.
Cecil Ray, the current chief executive officer of Rigg, will retire once the deal is completed.
Hub said the agreement includes the acquisition of Rigg subsidiaries Wm. Rigg Co., a retail insurance brokerage; Rigg Insurance Manager Inc., a wholesale brokerage firm that does business under the name RISC Inc.; and Rigg Life Agency Inc., a life and benefits brokerage that does business under the name Rigg Benefits & Financial Services.
The deal is expected to be finalized during the third quarter of this year, Hub said.
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