LeClair partners Diversified Brokerage Services to grow life insurance sales

American insurance brokerage Hub International has snapped up CAPAX Management and Insurance Services, an insurance brokerage and employee benefits consulting firm based in Modesto, California.

The companies did not reveal the financial and other terms of the transaction.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The acquired firm offers multi-line insurance solutions, including personal and commercial, employee benefits products and risk management solutions.

It also offers captive solutions to its clients. The company focusses on various industries including agribusiness (crop), which complements Hub’s existing capabilities.

Michael Der Manouel, executive vice president of Hub California Central Valley, said: “CAPAX is a great addition to the Hub family as we continue our growth strategy in the region by adding specialized capabilities that will expand the depth of our insurance and risk management solutions.”

As per the terms of the agreement, CAPAX’s president Joel Geddes III will join Hub California and report to Der Manouel.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Geddes said: “We look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients.

“With Hub, we will be well-positioned to provide a full suite of services to fit our clients’ growing needs.”

In November, HUB International strengthened its retirement and wealth management services with the purchase of the assets of Baystate Fiduciary Advisors.

Massachusetts-based Baystate Fiduciary Advisors offers investment fiduciary advisory services to 401k and 403b plan sponsors with both a general business approach and a strong concentration in the non-profit sector.

As of September 2020, the company managed $2.9bn in assets and services.

In the same month, it also acquired the assets of Leading Edge Benefit Advisors and affiliates for an unknown sum.

Located in Fort Myers, Florida, Leading Edge specialises in employee benefits and retirement planning and wealth management solutions.