Hub International acquired three insurance agencies, Kuokoa Enterprises, Tri-Line Agencies and the Tamrac Group, for an undisclosed amount.
Hub International, located in Chicago, Illinois, is an insurance broker offering property and casualty, life and health, employee benefits, investment and risk management products and services. The company has 11,000 employees with offices spread across North America.
Kuokoa Enterprises is an Alberta, Canada, headquartered firm. The company specializes in commercial lines insurance solutions. Dave Douglas, the owner of Kuokoa Enterprises, will join Hub Barton.
Headquartered in Rose Valley, Saskatchewan, Canada, Tri-Line Agencies is a full-service, independent insurance brokerage firm.
The company offers personal and commercial insurance solutions along with specializing in government automobile and farming solutions. The owner of Tri-Line Agencies, Eugene Danko will join Hub Manitoba.
TAMRAC is a Hunt Valley, Maryland-based insurance agency specializing in personal and commercial insurance.
The company offers solutions for businesses in the automobile service and repair, cannabis, food and hospitality industries. These are in line with Hub’s recent launch of its specialty practices by complementing and strengthening Hub’s existing solutions.
TAMRAC was established in 1948 as Nelson T. Offutt and Company, in Baltimore, Maryland. In 2007, it acquired Hay Insurance Services. This addition is claimed to have aided in the expansion of the group and has helped in become one of the largest and preferred independent insurance groups in the mid-Atlantic region.
TAMRAC president Keith Erdman, will join Hub Mid-Atlantic and report to Hub Mid-Atlantic president Norman Breitenbach,
In October, the company secured a minority investment from Toronto, Ontario-based investment firm Altas Partners. With this transaction, the Chicago-based insurance broker total enterprise value has been estimated to have reached more than $10bn.
This transaction is expected to close before the end of this year and is subject to customary closing conditions and regulatory approvals. Financial terms related to the agreement were disclosed.