Hub International, an insurance brokerage company, has acquired the assets of William Palumbo Insurance Agency, a Massachusetts area based retail brokerage firm.
Founded in 1932, Palumbo is a full service insurance brokerage offering property and casualty, personal lines, employee benefits and life insurance products and services throughout Eastern and Central Massachusetts and Rhode Island.
Following this acquisition, the Palumbo employees will join the Hub International New England team.
According to Hub International, John LaRocca and Marisa Palumbo LaRocca, will continue to manage the operations of this group, reporting to Charles Brophy, president, Hub International New England.
Palumbo Insurance acts as both a buying group and managing general agent to improve profitability and streamline operations for members.
Brophy said that the firm look forward to have an expanded presence in Massachusetts, which will enable Hub International to further build on othe existing capabilities throughout New England.
Terms of the acquisition were not disclosed.