January 31, 2003 by Canadian Underwriter
Michigan, U.S.-based Burnham Insurance Group Inc., a regional group operation of broker network consolidator Hub International Ltd. (TSX: HGB), has acquired Alberts Insurance Agency Inc. for an undisclosed cash sum. Alberts is located in southwestern Michigan.
A Hub media statement notes that Alberts generates about US$325,000 in annual revenue, primarily through small to mid-sized commercial insurance accounts. Jerrold Alberts, the former majority shareholder in the agency, will continue to run the operation as branch manager. Burnham president Charles Burnham says the Alberts acquisition will strengthen the group’s operational presence in the region and provide cross-selling opportunities in the areas of life and health insurance products.