Woods’ insurance expertise in the oil and gas sector is expected to complement and strengthen Hub’s existing capabilities in specialty practices. Credit: JHVEPhoto/Shutterstock.

Global insurance brokerage Hub International has acquired the assets of Woods Insurance Services, enhancing its commercial and personal insurance as well as employee benefits solutions.  

Financial details of the deal were not divulged. 

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Based in Farmington, New Mexico, Woods Insurance is an independent agency offering various services including commercial and personal insurance and employee benefits.  

The company’s expertise in the oil and gas sector is expected to complement and bolster Hub’s existing capabilities in specialty practices. 

Woods Insurance owner and president Lyle Love, along with his team, will become part of Hub Southwest.  

The agency will now operate under the name Woods Insurance Services, a Hub International company.  

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MidCap Financial was the financial advisor to Woods Insurance Services during the acquisition process.  

Love stated: “We are excited for this incredible opportunity to join Hub. Hub is renowned for its client-first mindset and culture of collaboration. We look forward to expanding our resources and services to help our clients’ growing needs.” 

Hub Southwest president Randy Perkins said: “We are delighted to welcome Woods Insurance Services to Hub. Their experience and relationships across the region will help us continue our strategic growth and strengthen our offerings and capabilities.” 

This follows Hub International’s acquisition last month of Otter Insurance Agency, which has been serving clients for more than 55 years by offering commercial, auto and home insurance from its headquarters in Lynnwood, Washington.  

Additionally, the company acquired Connecticut-based Fairfield County Bank Insurance, which provides commercial, personal and employee benefits insurance solutions. 

Chicago, Illinois-based Hub International offers risk management, insurance, employee benefits, retirement solutions and wealth management services.