Hub International Limited (Hub) has acquired the assets of Byrnes Agency, Inc. The terms of the deal were not disclosed.
Byrnes Agency, one of Eastern Connecticut's privately-owned insurance agencies, now joins Hub’s portfolio of global insurance brokerage and insurance services.
The acquisition expands Hub's commercial and personal insurance capabilities in the New England region. The Byrnes Agency team, based in Dayville and Norwich, Connecticut, will join Hub New England and operate as Byrnes Agency, a Hub International company.
Philo Smith served as financial advisor to Byrnes Agency for the transaction.
Looking forward to the partnership, Hub’s New England president and CEO Shawn McLaughlin shared Byrnes Agency’s reputation in the region.
"The addition of the Byrnes Agency will give our Connecticut clients the strength of a national broker, while maintaining the presence and feel of a local relationship,” he shared.
Meanwhile, Byrnes Agency’s namesake Jay Byrnes saw the importance of this partnership, stating "It was critical that we joined an organization where our hard-working and talented team could continue to grow their careers and where our clients could see expanded offerings. We feel strongly that we have found the right partner."
The acquisition is part of Hub's strategy to continue its organic growth along with strategic acquisitions that expand its geographical footprint.
In a similar move recently, Hub also acquired Woods Insurance Services, Inc. based in New Mexico.
The previous month, Hub acquired three local agencies namely: Great Basin Insurance, Inc. based in Oregon, Otter Insurance Agency based in the western Washington area, and Fairfield Country Bank Insurance Services based in Connecticut.
Chicago-based, Hub International employs over 18,000 across the region, providing risk management, insurance, employee benefits, retirement and wealth management products and services through its network of specialists.
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