Insurance provider expands via acquisition
Transportation insurance provider Hub International Limited has expanded with the purchase of C. S. Nenner, a Bordentown, NJ-based insurance agency, for an undisclosed amount consisting of cash and Hub International stock.
Hub said Kaye Insurance Associates, the largest retail brokerage unit of Hub's New York subsidiary, Kaye Group, purchased the assets of Nenner, a specialist in transportation and warehousing coverage for trucking businesses that earned $3 million in revenues in 2001.
Kaye president & CEO Bruce Guthart said the Nenner purchase is "an example of our growth strategy to expand our market breadth with successful specialty agencies and brokerages."
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