Hub International Limited, a major player in the insurance brokerage and financial services industry, has made a strategic move by acquiring the assets of Wycoff Insurance Agency. This local insurance provider is based in Mount Vernon, Washington, and has been serving its community for years.
The details of the deal, including the financial terms, have not been made public. Following the acquisition, the leadership team from Wycoff, including president Chris Eisses and vice president Donnie Keltz, will join Hub Northwest. The agency will continue to operate under its original name, now branded as Wycoff Insurance Agency, a Hub International company.
Chris Eisses expressed enthusiasm about the acquisition, highlighting that it will allow Wycoff Insurance to tap into the resources of a global brokerage while still focusing on its local clients and community. This move is part of Hub’s ongoing strategy to enhance its service offerings and expand its geographic presence.
This acquisition is one of several recent transactions by Hub International. The firm has been actively pursuing growth through both organic means and acquisitions. Recently, Hub also acquired the assets of Fenner and Esler Agency Inc., which specializes in professional liability and risk management services for various sectors, including architecture and engineering.
In another notable deal, Hub purchased the assets of Fifth Avenue Insurance Agency, based in Oklahoma City. Guy Feist, the president of Fifth Avenue, has joined Hub Mid-America, bringing over 25 years of experience in healthcare insurance.
Travis Biggert, president of Hub Mid-America, noted that acquiring Fifth Avenue will enhance Hub’s capabilities in medical professional liability coverage, providing clients with better market access and pricing options.
Hub’s aggressive acquisition strategy follows a significant $1.6 billion investment that boosted its valuation to $29 billion, the highest for a private insurance brokerage. This investment was led by notable firms, including T. Rowe Price, Alpha Wave Global, and Temasek.
As Hub International continues to grow, it remains focused on expanding its reach and improving its service offerings to better serve its clients.