Hub expands New York network

Broker network consolidator Hub International Ltd. (TSX: HBG) has acquired the assets of Manhattan, New York-based Waldron Mahoney Inc. for an undisclosed cash sum through the group’s Kaye Insurance Associates Inc. Waldron specializes in serving the insurance needs of high-net worth individuals and mid-sized commercial accounts, generating about US$700, 000 in annual revenue.
Wright Olney, founder and president of Waldron, will remain on with the acquired company in the role of consultant and producer, a company statement says. Damian Testa, president of the retail operations of the Kaye Group, says Waldron is a “perfect fit” in terms of the group’s portfolio of individual and commercial accounts. “The additional premium volume strengthens our relationships with some important carriers.”