Hub International Ltd. said it has snatched up the assets of City Insurance Services and its related affiliates.
The Chicago-based global insurance brokerage did not disclose financial terms, though it noted that City Insurance Services is one of the first buys of its kind of a Korean American insurance brokerage. By making the acquisition, Hub International will be able to expand its footprint into the Korean American Community, by providing products via City Insurance Services’ existing locations.
City Insurance Services is based in Los Angeles and Buena Park, CA. The firm is a provider of multi-lines insurance products including commercial and personal lines insurance plus employee benefits products.
As part of the deal, City President Brian Jeung will join Hub California, and report to Andrew Forchelli, senior executive vice president, Hub California.
Beyond City Insurance Services, Hub International is also getting its affiliates: Silver City Insurance Services, Inc. and J&C Financial Planning Inc. d/b/a MOA Financial Services.
In January, Hub International made a push north of the border, with acquisition of Canada’s Mainline Insurance Brokers & Affiliated Firms.
Source: Hub International