US-based insurance intermediary and financial services provider Hub International is continuing its acquisition spree by purchasing the assets of DeFranco Insurance.
The financial terms of the transaction were not disclosed.
DeFranco Insurance is an independently owned and locally run insurance agency, with a focus on providing personal and commercial insurance offerings.
Under the terms of the agreement, Seattle, Washington-based DeFranco Insurance president John DeFranco and his team will become part of Hub Northwest.
Hub Northwest senior executive vice president Eric Schack said: “DeFranco Insurance has been a staple of the Seattle community for the last 70 years, and we are excited for the opportunity to bring our teams together. This partnership further strengthens our Hub Northwest brand in the Puget Sound marketplace.”
DeFranco Insurance president John DeFranco said: “Our team is excited about the partnership with Hub Northwest and the value it will bring to our customers through the improved market access and support services. This relationship will allow us to focus even more attention on our existing customers and enhance our local community offering.”
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Last week, Hub also bought assets of Horizon Agency and Hobson Insurance.
Based in Hobson, Montana, Hobson Insurance is an independent full-service firm offering both commercial and personal insurance.
Whereas, Eden Prairie, Minnesota-based Horizon Agency is a privately held company that offers employee benefits in addition to commercial and personal insurance.