Insurance broker Hub International Ltd. said it has acquired JM Associates Ltd. in Fort Lee, N.J. Transaction terms were not disclosed.
The Chicago-based broker said JM Associates has specialized in providing casualty insurance for the elevator industry for the past 15 years. The agency will add $2.5 million in net revenue to Hub's operations, the broker said.
Hub said the acquisition will provide the firm with a national program for the elevator industry which is closely linked to the real estate industry where it has a well established presence. The Fort Lee office and employees will become a part of Hub International Northeast.
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