NU Online News Service, July 22, 11:56 A.m. EDT
Two major insurance brokers, USI Insurance Services and Hub International, announced acquisitions of employee-benefit firms this week.
Briarcliff Manor, N.Y.-based USI says it has acquired Plumhoff & Associates of Houston.
Plumhoff is an employee-benefit brokerage firm specializing in corporate health and welfare benefits, executive benefits, and international benefits for upper middle-market businesses.
USI says the acquisition is expected to contribute approximately $6.4 million in revenues on an annual basis to the firm.
Earlier this week, Chicago-based broker Hub says it signed a definitive agreement to purchase Strategic Employee Benefit Services of Louisiana LLC (SEBS of Louisiana), a Metairie, La.-based benefit consulting and service firm.
Founded in 1991, SEBS of Louisiana is a major independent benefit-consulting organization in the region. The firm provides a wide range of customized employee-benefit programs and services including group medical, consumer-driven benefit plans, disability-insurance plans, voluntary-benefit plans, individual-benefit plans, long-term-care clans, and worksite-benefit plans through leading insurance carriers.
SEBS operates additional offices across Louisiana. The offices include Baton Rouge and Lafayette, where Hub Gulf South has existing offices, and Covington and Houma. SEBS of Louisiana will become part of Hub International Gulf South, also based in Metairie.
Key executives of SEBS—Kevin Gardner, president and employee-benefit specialist, and Mike Ford, vice president and employee-benefit specialist—will join Hub Gulf South as part of this transaction. They will join the employee-benefits division of Hub Gulf South, reporting to Steve Terry, president, Hub Gulf South.
Hub says the acquisition is expected to close in early August.
Terms of both transactions were not disclosed.
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