Hub buys California brokerage

Broker consolidator Hub International Ltd. has purchased California-based Payne & Co. Insurance Brokers Inc.
The brokerage, acquired for an undisclosed amount of cash, brings in about US$2 million in annual revenue, largely focused on middle market commercial business benefits and personal insurance. While the Payne operation will move to Hub’s existing Los Angeles office, owner John Payne will become a senior vice president of Hub International of California, the local “hub” brokerage.