Hub International Limited has acquired SilverStone Group, the largest insurance brokerage in Nebraska and one of the largest brokerages in the US. Terms of the transaction were not disclosed.
With the acquisition of SilverStone, the company creates a new regional hub to be called Hub Great Plains. The region will include and cover existing operations in Omaha, Neb., Sioux Falls, S.D., and St. Paul, Minn.
Silverstone specializes in insurance and surety, risk management, employee benefits services, retirement plans, wealth management and estate planning. Founded in 1945 by Howard “Red” and Ruth Nelson, the brokerage is a three-generation employee-owned company led by CEO John H. Nelson, the founders’ grandson. SilverStone has more than 4,600 employer clients and more than 3,700 individual clients.
“Hub remains bullish on the growth we are experiencing, and it’s opening new M&A opportunities for us with various product, distribution and geographic channels,” said Marc Cohen, Hub president and CEO. “The differentiating value we can deliver to the staff of our new partners has helped us to attract larger firms such as SilverStone. Those that have joined Hub brought us talent, leadership, expertise, specialization and new geographies.”
Hub completed 66 acquisitions in 2018, accounting for more than $200 million in additional revenue over the past year. The company has completed 60 acquisitions so far this year.
“SilverStone’s employees and clients will immediately have full access to a broad range of resources, tools and specialists that are part of Hub’s value and differentiating proposal,” Cohen said. “We have invested significantly to meet the needs and priorities of our clients, and look forward to sharing those with SilverStone. As is the case with all of our individual Hub offices, we eagerly anticipate becoming an even bigger part of this community.”
“After operating for 75 years as an independent broker, it was important to our 225 associates and 48 shareholders that we remain a private company and continue to have a significant ownership stake in the business,” Nelson said. “This union not only accomplishes that objective, it strengthens our capabilities through access to new insurance markets, specialty expertise and technical services across most industry spectrums. My father, John P. Nelson, chairman, has enjoyed a 25-year personal relationship with Hub co-founder and vice chairman Richard Gulliver, which was critical in our board’s decision to join forces with Hub. Their stellar reputation, people-first focus and entrepreneurial operating philosophy perfectly fit our culture.”
The Hub Great Plains leadership will include Nelson as president, Todd Rogge as CFO and COO, and Grant Matthies as chief sales officer. They will work with Trey Biggs, president of HUB US West.
