True to his words, Chairman and CEO of Hub International Martin Hughes continues to grow Hub's presence in the North American market, following the announcement of two new acquisitions.
The East Division of Hub International Midwest Limited acquired the insurance agency business of certain member firms operating as Pinnacle Insurance Partners, a Grand Rapids, Michigan-based full-service insurance brokerage firm; while the California Operations (Hub California) acquired the assets of Seeger Benefits & Insurance Services, a Thousand Oaks, California-based insurance brokerage firm.
It is an expansion that backs up Hughes’ exclusive interview with Insurance Business magazine back in October, when he laid out his plans for Hub’s future growth.
“We’re going to continue to execute on our fundamental business plan. Grow the business organically and do acquisitions in geographic areas where we don’t have a footprint and with brokerages who share our philosophy,” Hughes told Insurance Business. “There is so much opportunity here in North America, you have to make a compelling case to reach out globally.”
The acquired Pinnacle operations will become part of Hub Midwest East’s Grand Rapids, Michigan office. In addition, Hub will bolster its presence in St. Joseph and add a new office location in Saginaw, both located in Michigan. (continued.)
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Russell Manz, Michael Poggi, Brad Poggi and Dave Mack and all their respective employees will join Hub Midwest East, and will become members of the Hub Midwest operations.
"The Pinnacle team is a great fit for Hub given their proven track record and diversified offerings," said Clark Wormer, Director of Mergers & Acquisitions, Hub International Limited. "This acquisition will greatly bolster our existing presence in the Michigan region, strategically expanding our footprint throughout the state."
The Pinnacle team specializes in niche insurance offerings for the construction, manufacturing, automotive and bonding industries, amongst others.
As in Michigan, Seeger operations will become part of Hub California’s Westlake Village office. In connection with this acquisition, Leanne Seeger will be joining Hub California as Vice President, reporting to Darren Caesar, Executive Vice President, Hub California.
Utilizing existing employees to grow Hub’s business is also an integral part of Hughes’ plan for the future.
“Boots on the ground, leadership on the ground – people who have completely bought into our strategy – those things have to be consistent, because they are the ones running our local offices,” he said. “We are and we need to be very methodical and cautious expanding the business, just to ensure there is compatibility.” (continued.)
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Founded in 2003, Seeger offers employee benefits products and services to clients throughout Northern Los Angeles and Ventura County. Leanne Seeger, the founder of the company, holds more than 20 years of experience in the insurance industry and is a certified healthcare reform specialist.
Terms of the acquisitions were not disclosed.
For the of the Martin Hughes interview in the October issue of Insurance Business, you can view the magazine online by clicking here.
