Hub International acquires Bart Proud Insurance

Hub International Limited (NYSE: HBG) (TSX: HBG) has continued its penetration of the transportation insurance market, acquiring New Jersey-based Bart Proud Insurance (Proud).
Proud, with US$3 million in revenue, has entered into a definitive purchase agreement with Hub International Pennsylvania (HUB Pennsylvania). “The proposed transaction will support Hub International’s initiative to expand its transportation insurance specialty focus,” Hub announced in a press release.
Founded in 1964 by Bart Proud, 63, the New Jersey insurance broker specializes in transportation risk and is a managing general agent for Occidental Fire and Marine.
“We have been familiar with the Bart Proud name for quite a while and have great respect for its operations,” said Dale Kaufman, president of HUB International Transportation Insurance Services Inc. (HUB Transportation). “We are particularly enthusiastic about the rapid expansion of our service to the transportation market and to HUB’s fast-growing specialty in transportation insurance.”
Late last year, HUB announced plans to establish a specialty hub through the acquisition of Kaufman & Kaufman, based in Salt Lake City.
Recently, HUB announced plans to acquire Coburn Insurance Agency, Inc., a trucking insurance specialty brokerage based in Vermont. As a result of these acquisitions, HUB will have one of the nation’s largest transportation insurance specialty practices, with an emphasis on trucking.
“Hub International will provide an important platform for growth in the transportation sector, while also expanding our product line to include personal lines, employee benefits and property coverage,” said Bart Proud, founder and president of Bart Proud Insurance. “We see great potential for new customer development and expanded cross-selling to existing clients.”
Terms of the transaction were not disclosed.