NU Online News Service, June 1, 2:37 p.m. EDT
Insurance broker Hub International Ltd. will expand its operations in the South with the acquisition of First Southeast Insurance Services Inc. (FSIS).
Hub announced last week that it was acquiring the full-service insurance brokerage firm from First Financial Holdings Inc.
First Financial says Hub purchased FSIS for approximately $38 million in cash. The transaction is expected to be completed during this quarter.
FSIS offers personal and business insurance products for individuals and businesses, group employee-benefit plans and individual life, health and long-term care products, according to First Financial.
The firm operates through 10 offices in North Carolina and South Carolina under eight brand names and generates approximately $21 million in annual revenue, says First Financial.
Hub says that FSIS will become the new regional platform for the firm doing business as Hub International Southeast.
Allison Rhyne, executive vice president of FSIS, and Jimmy Rowe, president of FSIS, will join Hub as part of the transaction.
"We have been seeking a partner to join forces with us in the southeastern United States," says Martin P. Hughes, chairman and CEO of Hub. "FSIS possesses all of the attributes we were looking for in a new regional Hub operation."
"Hub is an excellent partner for the clients and employees of First Southeast," says R. Wayne Hall, president and CEO of the financial-services provider First Financial. "We expect to continue to have a mutually beneficial relationship with Hub after this acquisition of First Southeast so that First Financial's customers can continue to receive outstanding products and services in banking, investments and insurance."
Hub issued a statement the late evening of June 1 saying that it completed the acquisition of FSIS.
This story was updated on June 2 at 9:28 a.m. EDT
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