US-based insurance brokerage firm Hub International has purchased Bank of the West wholly-owned subsidiary BW Insurance Agency (BWIA).
Terms of the deal have not been disclosed.
The acquired business will be included in the Hub regional operations, comprising Hub Mountain, Hub Colorado, Hub Northwest, and Hub Midwest.
Hub International chairman and CEO Martin Hughes said: "BWIA is an ideal fit for Hub. Our services and industry focus are very complementary and their operations broadens our geographic foot print in states where we already are located, as well as provides new penetration in other states.
"The team-oriented culture and eagerness to leverage the additional resources and innovative insurance solutions we offer in commercial, personal, employee benefits and risk services will make for a very successful relationship."
Claimed to be the 14th largest bank owned insurance brokerage in the US, BWIA provides services in industries, including agriculture, real estate, energy, transportation and construction.
It also has a team of experts that will provide executive and professional liability, workers’ compensation and personal insurance solutions.
The agency has 40 offices across eight states, including Colorado, Iowa, Minnesota, Nebraska, North and South Dakota, Oregon and Wyoming.
BWIA chief administrative officer Wayne Dauwen will join Hub as chief operating officer for HUB Mountain that is based in the Fargo of North Dakota office.
Hub offers property and casualty, life and health, employee benefits, investment and risk management products and services in North America.