Hub International has acquired Rockville, Maryland-based The Insurance Exchange for an undisclosed amount.
Established in 1967, The Insurance Exchange is one of the largest independent insurance agencies in Mid-Atlantic region. The company offers solutions in areas such as employee benefits consulting, commercial property & casualty, loss control, bonding, risk management, personal umbrella, home & auto insurance, retirement plan services, wealth management and international insurance.
Hub International US East regional president Charles Brophy said: “With The Insurance Exchange, we are able to expand our services and expertise, and we’re excited to leverage their retirement experience, providing our clients with comprehensive insurance solutions and resources.
“Our continued growth will allow us to stay ahead of the curve in meeting our clients’ needs.”
The Insurance Exchange president and CEO Joseph Brown will join Hub Mid-Atlantic and report to Brophy.
Brown said: “Joining Hub will help us elevate our services to clients and grow our expertise – all while staying true to doing what’s best for our clients. We look forward to continuing to build an exceptional client experience.”
Earlier this month, the company acquired the assets of Houston, Texas-based Peak Financial Group for an undisclosed amount.
Peak Financial Group is an independent firm offering retirement plan services, retirement plan design assistance and comprehensive employee education programs to businesses of all sizes.
The company is claimed to have more than 60 years of collective experience in financial services industry and has over $1bn in retirement assets services as of last month.
Hub said that in the recent months, it strengthened its retirement planning services by adding resources to develop comprehensive solution for its clients.
The company also acquired Wisconsin-based Integrated Risk Solutions earlier this month. Integrated Risk is a commercial insurance and employee benefits agency offering risk management consulting, commercial insurance brokerage, employee benefits, loss control engineering and claim management.