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NU Online News Service, Nov. 25, 10:50 a.m. EST
Two major insurance brokers announced acquisitions this month totaling more than $11 million in revenue.
Brown & Brown, Daytona Beach, Fla., said its wholesale subsidiary acquired portions of a book of business from Anchor Bay Insurance Mangers, Inc.
Hub International Ltd. in Chicago said it acquired Mones & Associates Insurance Brokers Inc. in Canada. Acquisition terms were not released.
The more significant of the two acquisitions was earlier this month when Hub said it acquired Mones from Aviva Canada Inc.
Mones, which also operates under the name Arctic Insurance Brokers Ltd., is a major personal and commercial insurance broker in Western and Northern Canada and produces approximately $10 million in annual revenue, Hub said.
As a result of the acquisition Hub said it will expand its operations to seven new locations in Canada: Edmonton, Calgary, Saskatoon, Prince Albert, Iqaluit, Whitehorse and Yellowknife.
Jim Barton, president of Canada & Midwest Regions for Hub, said in a statement that the deal is a major step in company strategy to increase its presence in Western and Northern Canada. He said that Mones would become a part of Hub International Barton operation based in Chilliwack, British Columbia, Canada.
Last week, Brown & Brown’s wholesale brokerage firm, Hull & Company, Inc., said it acquired wholesale insurance accounts from Anchor Bay Insurance Managers, Inc. based in Silverdale, Wash.
The accounts amount to approximately $1.1 million in annualized revenue, Hull said, and will be serviced from its existing Gig Harbor, Wash., office.
Hull also hired four Anchor Bay employees. Anchor Bay writes business for restaurant, bar and tavern trade and clients with environmental exposures.