The B&G Group is a large-scale insurance agency that provides commercial insurance to different industries, including real estate, business services and construction
US-based insurance brokerage firm Hub International, through its affiliate Hub International Northeast (Hub Northeast), has acquired the assets of The B&G Group, for an undisclosed amount.
The B&G Group, based in Plainview, New York, is a large-scale insurance agency that provides commercial insurance to different industries, including real estate, business services and construction.
Hub Northeast is engaged in providing property, casualty, risk management, life and health, employee benefits, investment, and wealth management products and services across North America.
The company said that its focus on offering personal insurance brokerage services on industry sectors will strengthen and complement its existing capabilities in specialty practices.
Hub president and CEO Marc Cohen said: “Hub continues to remain active and thoughtful in our M&A strategy throughout the Covid-19 crisis. Partnering with The B&G Group is a testament to our commitment to M&A and to our continued growth in New York.
“The B&G Group brings expertise in key industries that align well with Hub and their strong presence in Long Island enhances our reach in New York while opening opportunities for us to bring a wider, diverse set of solutions to their customers, including retirement solutions, employee benefits and personal insurance.”
Hub International will add more than 100 employees to its northeast regional operations
Through the transaction, Hub intends to add more than 100 employees to its northeast regional operations, making the total number of employees in Long Island reach 350.
As part of the deal, The B&G Group president Evan Bower will be moved to Hub Northeast and report to Hub Long Island division president Doug Schenendorf.
Bower said: “Hub has a strong reputation in the insurance industry with similar values and a shared commitment to clients. I know we can continue to grow and support our clients in many of the areas where Hub possesses a unique expertise and breadth of relationships.”
Schenendorf said: “I have known Evan for many years and am excited to work alongside him on our leadership team. Together, we look forward to supporting over 10,000 individuals and 22,000 corporate clients in Long Island.”