Hub International Limited has acquired the assets of Fifth Avenue Insurance Agency, based in Oklahoma City, Oklahoma.
Terms of the transaction were not disclosed.
Guy Feist, president of Fifth Avenue, will join Hub Mid-America. Feist has more than 25 years of experience in the healthcare industry and is known for developing a technology-based risk-purchasing platform.
Travis Biggert, president of Hub Mid-America, said Fifth Avenue’s approach to medical professional liability coverage will provide Hub clients with expanded market access and pricing options.
This acquisition is part of Hub International’s broader growth strategy, supported by a recent $1.6 billion minority equity investment.
The investment raised Hub’s enterprise valuation to $29 billion, the highest recorded for a private insurance brokerage. Funds managed by T. Rowe Price Investment Management, Alpha Wave Global, and Temasek led the investment, with participation from new and existing investors. The capital injection underlines continued institutional confidence in the Chicago-based firm’s growth trajectory.
In addition to Fifth Avenue, Hub International has made a host of acquisitions in recent times. These include FGLP Equity Partners LLC, operating as Demarie Insurance Agency, based in Lake Charles, Louisiana. The acquired insurance agency provides commercial and personal insurance services.
It also recently acquired EB Specialists, known as Guru of Insurance, and Allegiant Global Partners (AGP), as part of its expansion in employee benefits and risk consulting.
Guru of Insurance, based in King George, Virginia, offers employee benefits planning and group benefits services. Meanwhile, AGP, headquartered in Boston, advises global employers on international health, welfare and risk strategies.
