Hub International, an insurance brokerage firm, has signed a definitive agreement to acquire the assets of California-based insurance brokerage firm Byars Thompson Buchanan Insurance & Financial Services (BTB).
BTB was formed in 1992 through the combination of Rob Buchanan, Dan Thompson and Joel Byars.
As part of this acquisition, the owners of BTB, Buchanan, Byars, Scott Dunn and Thompson will join Hub California and will report to Darren Caesar, executive vice president of Hub California.
Upon completion of the transaction, BTB will become part of the California operations of Hub International Insurance Services (Hub California).
BTB works primarily with middle market businesses across the central coast on their property and casualty and life/health insurance programs, with a niche in agriculture property and liability. BTB also has a personal lines practice.
The closure of this acquisition is expected to occur on 1 December 2010, at which time BTB will become part of the California operations of Hub International Insurance Services (Hub California).
The terms of the acquisition were not disclosed.
Hub California president Kirk Christ said BTB will provide Hub with a strengthened presence in the core business, while also giving an expanded footprint within the Central Coast area.