Hub International Ltd. today announced the fold-in acquisition of Kline Transportation Insurance, Inc. by the San Diego office of the company’s California-based regional hub, Hub International Ltd. of California.
Kline is a transportation specialty agency operating primarily in the western United States. In 2004 Kline generated revenue of approximately US$1.2 million.
Terms of the acquisition were not disclosed.
Since it’s founding in 1992, Kline has become known for its limousine, bus and truck insurance expertise. Kline has one office location currently in San Diego, California.
On Monday, Hub International announced an agreement for Hub to acquire Chubb Corp.’s personal lines insurance brokerage business, Personal Lines Insurance Brokerage, Inc. (PLI).
The PLI transaction is expected to close within 60 days, subject to customary closing conditions.
Terms were not announced.
Hub says the acquisition will increase its personal lines business to approximately 20% of consolidated revenue and make Hub one of the largest personal lines brokers in the United States. Hub is already one of the largest personal lines brokers in Canada.
PLI generated 2004 revenue of approximately US$27 million from its 18 offices in the United States. In the same year, Hub generated approximately US$25 million in personal lines revenue in the United States and US$70 million on a consolidated basis, including Canada.
“The acquisition of PLI will add great depth and talent to our personal lines practice in the United States and we are very excited by the opportunities created through the transaction,” said Martin Hughes, Hub International chairman and CEO. “The high-net-worth individuals targeted by PLI include many of the same middle-market business owners and executives we serve in our commercial insurance operations. This is a very important market for Hub and one we can serve more fully through the acquisition.”
Headquartered in Chicago, Hub International provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.