Hub International Limited has acquired the assets of Fenner and Esler Agency Inc.
Terms of the transaction were not disclosed.
Fenner & Esler, established in 1923 and based in Oradell, New Jersey, provides professional liability and risk management services to architects, engineers, surveyors, and environmental professionals.
Paul Collins, president and CEO of Hub Northeast, said the Fenner & Esler team brings additional capabilities to Hub’s specialty areas and enhances its offerings for professionals in the design and environmental sectors.
Meanwhile, Tim Esler, principal of Fenner & Esler, said the transaction builds on a long-standing relationship between the two firms. He noted that they have worked together for more than a decade, particularly in serving architect and engineer clients. He added that the combination is expected to broaden market access and expand product solutions.
Tim and Kevin Esler, along with their team, will join Hub Northeast. Fenner & Esler will operate under the name Fenner & Esler, a Hub International Company.
MarshBerry served as financial adviser to Fenner & Esler.
The acquisition is part of a series of recent transactions by Hub International. The firm also recently acquired the assets of Fifth Avenue Insurance Agency, based in Oklahoma City, Oklahoma. Financial terms for that deal were also undisclosed.
Hub also purchased the assets of FGLP Equity Partners LLC, operating as Demarie Insurance Agency. Based in Lake Charles, Louisiana, Demarie Insurance offers commercial and personal insurance services. Its team joined Hub Gulf South.
In addition, Hub acquired the assets of EB Specialists Inc., which operates as Guru of Insurance, and Allegiant Global Partners (AGP), as part of its strategy to expand its employee benefits and risk consulting operations.
In further Hub news, the brokerage giant recently secured a $1.6 billion minority equity investment, bringing its enterprise valuation to $29 billion. This marks the highest recorded valuation for a private insurance brokerage.
The investment was led by funds and accounts managed by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, with participation from both new and existing investors. The transaction reflects ongoing institutional interest in the Chicago-based firm’s growth strategy.
