Insurance brokerage Hub International has bought Nebraska-based SilverStone Group for an undisclosed amount.
Hub plans to launch a regional hub named Hub Great Plains through the acquisition. The hub will include its operations in Omaha, Nebraska; Sioux Falls, South Dakota; and St. Paul, Minnesota.
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Founded in 1945, SilverStone offers services related to insurance and surety, risk management, employee benefit services, retirement plans, wealth management and estate planning.
The company is now headed by one of the founders’ grandson John Nelson, who is the CEO of the company.
Hub president and CEO Marc Cohen said: “Hub remains bullish on the growth we are experiencing, and it’s opening new M&A opportunities for us with various product, distribution and geographic channels.
“The differentiating value we can deliver to the staff of our new partners has helped us to attract larger firms such as SilverStone. Those that have joined Hub brought us talent, leadership, expertise, specialisation and new geographies.”
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By GlobalDataBased in Chicago, Illinois, Hub offers life and health, property and casualty, and employee benefits services, among others.
In 2018, Hub acquired 66 firms that contributed to over $200m in additional revenue. This year, the company has wrapped up 60 deals.
In September, Hub International acquired the assets of StoneStreet Pearl River and Washington Financial Group (WFG) assets.
