Hub International has added another insurance company to its growing list of acquisitions. The Windsor Star reported today that the computer-based insurance company Cypher Systems Group will be selling its brokerages to Hub in a deal that should be complete by August 01.
The major insurance brokerage will take over Cypher System’s building lease and 420 of its insurance-related employees. Meanwhile, 30 employees will stay on at Cypher Systems, which will keep its real estate and development unit as well as its internet businesses. The Windsor-based company’s three founding owners will in turn acquire shares in Hub International.
“It’s a bit of business as usual,” Stephen Savage, one of the owners, stated in the news report. “We’re not going out of business, we’re growing our business. We’re going to stay active in the community. This is just the next step in the overall growth of doing business here in Windsor and Essex County.”
Cypher Systems was started in 1983 by Savage, his brother John, and fellow owner Brian Schwab. During the business’s run, they developed software for rating and underwriting that was sold in 2012.
