US-based privately owned insurance broker MHBT has acquired Wells Fargo's insurance brokerage operations in Lubbock, Texas, for an undisclosed sum.

Based on the terms of the agreement, all employees at the office will join MHBT and it will assume all the assets and operations of the Lubbock office.

Commenting on the acquisition, MHBT chairman and CEO Bill Henry said that the acquisition of Lubbock business is a critical part of its growth plan, which will strengthen its operations in the west Texas region.

"Expanding our Lubbock office was the logical next step in MHBT’s growth strategy. The area has strong economic growth, people with a "can do" attitude and a highly skilled workforce," Henry added.

After completion of the acquisition, the operation will be renamed as MHBT, while the customers will continue to receive the same level of quality services.

Commercial insurance and employee benefits broker, MHBT manages branch offices in Dallas, Fort Worth, Austin and Lubbock.

It provides an array of commercial insurance and risk management programs, employee benefits, surety, personal insurance and a swarm of specialized services.