October 9, 2002 by Canadian Underwriter
Hub International Ltd. is expanding its U.S. operations with the purchase of two New England-based real estate insurance firms. Hub firm C.J. McCarthy Insurance Agency has purchased the assets of Trussell Insurance Agency of Newburyport, Massachusetts, and Trussell, Glidden and Mahoney Insurance Agency, based in Greenland, New Hampshire.
Terms of the cash deal have not been disclosed.
Both firms specialize in insurance for the real estate business and combined earn about US$1.3 million in annual revenues.
The agencies will remain in their current locations, states a Hub press release. Phillip Trussell, director of the firms, will remain in charge, and Rosemarie Glidden will continue to supervise Trussell, Glidden and Mahoney. In addition, both become senior vice presidents at McCarthy, reporting to McCarthy president Richard Palleschi.
“This purchase is a fine example of one component of our growth strategy – folding a successful local specialist into a larger regional hub,” says Bruce D. Guthart, president of Hub International’s U.S. operations.
Hub has nine large “hub” brokerages, such as McCarthy, each of which operates as a brokerage and manages other smaller brokerages.