Hub acquires U.S. specialty reinsurance brokerage

Broker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage handling placement of facultative business. The brokerage operates from offices in New York, Los Angeles, Chicago and Dallas. A Hub statement observes that the acquisition of THB is the network’s first foray into the reinsurance side of the property and casualty insurance industry. "The acquisition of THB expands our total service range and reach in the insurance brokerage business and is an important extension of our acquisition strategy. The reinsurance brokerage business has consolidated dramatically in recent years, and THB was one of the few attractive reinsurance brokers remaining," says Hub CEO Martin Hughes.