Hub International has purchased the assets of Otter Insurance Agency as it continues to expand in the western Washington region.
Otter Insurance Agency is a Washington state-based insurer that has been providing commercial, auto and home insurance services for more than 55 years.
The terms of the transaction were not disclosed. Clear Lake Consulting was Otter Insurance Agency’s financial adviser for the deal.
Otter Insurance Agency president Patrick Otter and his team will join Hub Northwest as a result of the deal.
“We are excited to partner with Pat and the Otter Insurance team to further expand our client offerings in Western Washington,” said Eric Shack, president of Hub Northwest.
Following the acquisition, Otter Insurance Agency will be known as Otter Insurance Agency, a Hub International company.
The Otter Insurance deal is the latest addition to Hub International’s acquisition spree. The company said it remains committed to growing organically and through M&A activity to expand its geographic footprint and strengthen its industry and product expertise.
Earlier this month, the company acquired the assets of Fairfield County Bank Insurance Services in Connecticut. It also previously bought the retail insurance brokerage business of Western Growers Insurance Services, as well as the assets of Texas-based WestStar Insurance Agency.
Aside from M&A, the company is also busy with partnerships, recently with CyberCube to improve its analytics platform for cyber insurance programs, and with Mexico’s MAS Seguros, in a tie-up that spans the US, Canada and Mexico.
Earlier this year, Lauren Melzer joined Hub as chief marketing officer for specialty practices, while Tim Smith was named president and CEO of Hub International Carolinas.
Andrew Forchelli was previously announced to be joining Hub California as executive vice president on Jan. 1.
