Hub International, a leading global insurance brokerage, announced that it has acquired the assets of Lovsted-Worthington Insurance (LW) serving Seattle and Western Washington
Terms of the acquisition were not disclosed.
LW will become part of the Hub International Northwest operations (Hub Northwest). With this latest acquisition, Hub Northwest operates from 20 locations in Washington, including downtown Seattle, and employs nearly 350 employees.
Established in 1927, LW is a full-service commercial and personal lines brokerage, with industry expertise in professional liability for attorneys, commercial property, construction and development, hospitality, senior living, and technology.
The firm has three locations in Seattle, Bothell and Chehalis, which will remain in operation.
Carl Lovsted III, CEO of LW, will join Hub Northwest as Executive Vice President serving on the region’s leadership team and overseeing the LW operations in Seattle and Chehalis.
He will report to Andy Prill, President and CEO, Hub Northwest. Dean Young, President of LW, will join Hub Northwest as Senior Vice President working in the combined Bothell operations with a continued focus on sales and working directly with customers.
"Both Carl and Dean are second generation owners who put their clients first. Their team’s high level of integrity makes the firm truly one of the best in our region," noted Prill.
"LW’s commercial lines and vertical markets mirror Hub Northwest’s focus, and joining HUB will bring an added opportunity to deliver valuable services to their clients including robust employee benefits solutions and priority underwriting through Hub’s strong carrier relations."