Global brokerage and financial services firm Hub International Limited has announced its acquisition of Insurance Management Company (IMC), based in Erie, Penn. The terms of the deal were not disclosed.
IMC provides commercial insurance and risk management services, catering to commercial, industrial, institutional, and construction sectors.
Chet Rhoads, president of Hub Three Rivers (THR), commented on the acquisition, highlighting IMC's strong reputation and experienced team in the region.
“Their strong experienced team, reputation and relationships will support and enhance the broad range of services we offer to clients across the region,” Rhoads said.
John Bloomstine (pictured above), president of IMC, along with his sons and the IMC team, will join Hub THR.
“We are excited about this opportunity with Hub. Hub's resources and platform will take us to the next level and significantly bolster our ability to meet our clients' growing needs,” Bloomstine said.
Following the acquisition, IMC will operate as Insurance Management Company, a Hub International company. The transaction was facilitated by Reagan Consulting, which represented IMC.
The IMC deal is just the latest in a series of acquisitions for Hub International. Last month, the firm also announced its acquisition of Wade Associates, LLC’s assets for an undisclosed sum.
Wade Associates, an independent insurance agency based in North Carolina, operates in Davidson, New Bern, Raleigh, and Wilmington. The firm provides a broad range of insurance and risk management solutions, specializing in sectors such as construction, manufacturing, healthcare/life sciences, and technology.
Also in July, Hub International swooped for Louisiana-based Swanson Insurance Agency, Inc. & Swanson & Associates, Inc. (Swanson Insurance Agency), an independent insurance agency serving the New Orleans community and its surrounding areas.
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