Hub International, a global insurance broker, has acquired the assets of Insurance Management Associates (IMA).
The companies did not reveal the terms of the transaction.
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IMA is a full-service commercial and personal insurance agency headquartered in Annapolis, Maryland.
Under the terms of the agreement, IMA president Randall Bieber will join Hub Mid-Atlantic and report to Norman Breitenbach, president of Hub Mid-Atlantic.
This acquisition is part of Hub International’s strategy to grow organically and “through acquisitions” to expand its geographic footprint and “strengthen industry and product expertise”.
The acquisition of IMA is Hub’s second acquisition in the US. It acquired California-based Liberty New Gate Insurance Services last month.
Liberty New Gate Insurance Services is a commercial insurer specialising in the agriculture and horticulture sector.
Hub International offers property and casualty, life and health, employee benefits, investment and risk management products and services. It employs more than 11,000 people in its offices located throughout North America.
Last month, Hub International launched an exclusive member-owned group captive insurance solution for hospitality industry.
The captive insurance solution is designed to enable hospitality clients and prospects to gain better insight into exposures and risks and “to turn that knowledge into cost savings and rewards”.
Hub deals
Hub International has also been involved in a number of deals in Canada. In September 2018, Hub acquired three firms in the country.
It acquired Clearwater Insurance Group, Hometown Insurance Brokers, and Access Insurance Brokers, all Canadian insurance firms, for an undisclosed sum.
Ontario-based Clearwater tends to clients through tailored programmes and proactive health services.
Saskatchewan-based Hometown delivers personal and commercial insurance solutions such as crop hail insurance.
Ontario-based Access offers personal and commercial insurance solutions.
