Hub International Limited has announced it plans to acquire Coburn Insurance Agency Inc. after receiving a letter of intent from the firm. The monetary amount of the transaction has not been disclosed.
The proposed transaction will result in the formation of the largest transportation insurance specialty practice, with an emphasis on trucking, Hub said.
With the acquisition of Coburn, Hub’s transportation practice will have strengthened operations in both the East and West, with annualized revenue of $25 million from more than $200 million in premiums. It would also provide Hub with increased accessibility to insurance markets and will strengthen its position as a transportation industry insurance provider across the U.S. and Canada, the company said.
“We are making a substantial commitment to growth in the transportation brokerage sector, which is a profitable and underserved segment of the insurance market,” said Martin Hughes, chairman & CEO of Hub International.
For more information, go to www.hubinternational.com/press_releases_detail.aspx?id=1220