Chicago-based global insurance broker Hub International has announced the acquisition of The Insurance Exchange for an undisclosed consideration.
Based in Rockville, Maryland, The Insurance Exchange is one of the largest independent insurance agencies in the Mid-Atlantic region.
It provides solutions for employee benefits consulting, commercial property & casualty, loss control, bonding, risk management, personal umbrella, home & auto insurance, retirement plan services, wealth management and international insurance.
“With The Insurance Exchange, we are able to expand our services and expertise, and we’re excited to leverage their retirement experience, providing our clients with comprehensive insurance solutions and resources,” said Charles Brophy, Hub’s U.S. East Regional President.
“Our continued growth will allow us to stay ahead of the curve in meeting our clients’ needs,” he continued.
As part of the arrangement, Joseph Brown, President and Chief Executive Officer (CEO) of The Insurance Exchange, will join Hub Mid-Atlantic and report to Brophy.
“Joining Hub will help us elevate our services to clients and grow our expertise – all while staying true to doing what’s best for our clients,” said Brown. “We look forward to continuing to build an exceptional client experience.”