Transportation insurance company Hub International Limited is buying Bart Proud Insurance, a $3 million insurance broker. The acquisition will support Hub’s continued expansion of its transportation insurance specialty focus. Terms of the transaction were not disclosed.
“We are particularly enthusiastic about the rapid expansion of our service to the transportation market and about our fast-growing specialty in transportation insurance,” Dale Kaufman, president of Hub International Transportation Insurance Services. “We have been familiar with the Bart Proud name for quite a while and have great respect for its operations.”
Founded in 1964 by Bart Proud, 63, the Manasquan, New Jersey insurance broker specializes in transportation risk and is a managing general agent for Occidental Fire and Marine. The acquisitions follows Hub’s efforts to establish a specialty hub through the last year’s acquisition of Kaufman & Kaufman, based in Salt Lake City, and ongoing plans to buy Coburn Insurance Agency, Inc., a trucking insurance specialty brokerage based in Vermont.
As a result of these acquisitions, Hub should have one of the nation’s largest transportation insurance specialty practices, with an emphasis on trucking, said Kaufman.