Global insurance brokerage Hub International’s subsidiary has purchased Illinois-based employee benefits insurance brokerage, Corporate Benefit Consultants (CBC), to further boost its presence for growth in the region.
CBC offers employee benefits programs to various local, regional and national businesses, with a strong niche in serving school districts, engineers and municipalities in the Chicago metropolitan area.
As part of the acquisition, CBC partners, Ted Reese, James Cornelius and Michael Traina and their team will join Hub Midwest but will continue to operate from their Des Plaines office.
Hub Midwest president & chief executive officer Neil Hughes said that the acquisition will make Hub one of the largest employee benefits providers in the Midwest.
"Their boutique style of service, always putting the client first, is a cornerstone of CBC’s value proposition and has earned them a stellar reputation. Together we are developing unique, innovative solutions which will bring tremendous value to our existing and future clients," Hughes added.
In a separate transaction, Hub’s another subsidiary FNA Insurance Services acquired the assets of the First National Administrators group of companies (FNA), a New York-based employee benefits general insurance agency.
The FNA group of companies will be co-located with Hub’s Wholesale Division, Program Brokerage Corporation (PBC), which is a property and casualty wholesale operations.
Hub International provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the US, Canada, Puerto Rico and Brazil.
Image: Hub International acquires two insurance brokers in Colorado, Louisiana. Photo courtesy of scottchan/FreDdigitalPhotos.net.