Hub International Trucking Insurance Services expands into Vermont

Hub International Limited (NYSE:HBG)(TSX:HBG) plans to accelerate its penetration of the transportation insurance market by acquiring Vermont-based Coburn Insurance Agency, Inc.
Coburn, a broker earning US$9 million in revenue, has entered into a letter of intent with Hub International Transportation Insurance Services Inc. (Hub Transportation).
“The proposed transaction will result in the formation of one of the nation’s largest transportation insurance specialty practices, with an emphasis on trucking,” Hub said in a press release.
Hub International recently expanded its transportation practice in October with the acquisition of Kaufman and Kaufman, a brokerage based in Salt Lake City. [Kaufman and Kaufman’s revenue is US$9 million.]
With the acquisition of Coburn, Hub’s transportation practice will have annualized revenue of approximately US$25 million from more than $200 million in premiums, with operations in both the eastern and western United States.
“The combined strength of the operations will provide Hub with increased accessibility to insurance markets and will position the organization as the provider of choice for transportation risks across the US and Canada,” the company announced in a press release.
“We are making a substantial commitment to growth in the transportation brokerage sector, which is a profitable and underserved segment of the insurance market,” said Martin P. Hughes, chairman and CEO of Hub International Limited. “Specialty practices are an increasingly important component of our growth strategy, as evidenced by several of our recent acquisitions.”