Chicago-based insurance brokerage firm Hub International (Hub) has signed a definitive agreement to acquire Puerto Rico-based full service insurance brokerage firm, Carrión, Laffitte & Casellas (CLC).

Subject to customary closing conditions, the acquisition is a part of Hub’s business expansion plan in Latin America with the formation of Hub International Caribbean Holdings.

The acquisition is likely to close in October 2012, while the terms of acquisition remain undisclosed.

Under the agreement, one of the founders and the president of CLC, Jose Carrión and his management team and other CLC employees will work along with Hub to perform operations from the existing San Juan office and Hub’s Miami, Florida-area office.

Carrión will report directly to Hub International Latin America chairman Neil Morrison, who is also the CEO & president of Hub International Ontario and the former chairman of the Worldwide Broker Network.

CLC provides range of insurance solutions including property & casualty and customized plans for high net-worth personal lines clients, and employee benefit programs.

With offices located in the US, Canada and Brazil, Hub International offers a comprehensive suite of property and casualty, life and health, employee benefits, investment and risk management products and services.