- change ups
Global insurance brokerage acquires firm
A global insurance brokerage has acquired the insurance agency business of several partners operating together as a local firm.
A division of Hub International Limited’s Midwest operation said this month that it has acquired certain assets from Grand Rapids-based Pinnacle Insurance Partners.
Hub will also bolster its presence in St. Joseph and add an office in Saginaw.
Terms of the deal were not disclosed.
“Hub has a strong presence in Grand Rapids, and the Pinnacle team will be moving into Hub’s existing offices in both Grand Rapids and St. Joseph during 2014,” said Clark Wormer, director of mergers & acquisitions at Hub International Limited.
The Pinnacle partners — Russell Manz, Michael Poggi, Brad Poggi and Dave Mack — as well as their approximately 27 employees will become members of the Hub Midwest operation and join the Hub Midwest east division.
“When Hub International Limited considers a merger partner, such as Pinnacle, it all starts with the people,” Wormer said. “Pinnacle’s capable leadership team combined with their strong culture made this acquisition a great strategic fit for Hub.”
The Pinnacle team specializes in niche insurance offerings for the construction, manufacturing, automotive and bonding industries, among others, and the acquisition will strengthen Hub’s expertise in the industries.
Prior to the acquisition, Hub Midwest, which is headquartered in Chicago, counted more than 470 employees in Michigan, Illinois, Indiana, Ohio and Wisconsin.
“Hub has been a major player in this region, and this acquisition will substantially build upon their existing presence in the region,” Wormer said.
Hub Midwest focuses on commercial property and casualty risks: employee benefits; association and affinity-group programs; risk pooling; captives; claims and information management; loss control; life insurance and financial planning and personal insurance.