A Chicago insurance brokerage firm said Thursday it has acquired the assets of an East Norwich brokerage.
Hub International Ltd. said the employees of Brady Insurance Planning, which specializes in employee benefits, will join the firm as part of the transaction.
Hub declined to disclose the transaction’s price tag but said the local company places about $10 million a year in premiums for clients. Hub also wouldn’t say how many employees Brady Insurance has.
The Chicago firm already has offices on Long Island in Woodbury and Hauppauge and other New York locations in Brooklyn, Manhattan and Spring Valley, in Rockland County. The East Norwich firm will relocate to Woodbury, Matthew Brady, who founded the company in 1989, said in an interview Thursday. He also said he would join Hub as a vice president of benefit services.
Hub said the Long Island company was attractive for several reasons.
“Brady is a strategic fit in terms of culture, geography and focus on employee benefits — a major area of focus for our organization nationally,” Hub said in a statement. The company said it “is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.”
Brady said the acquisition will mean increased local services. It “will provide me with a better platform to service my customers,” he said.
Hub offers employee benefits, in addition to casualty, health, life insurance, investment and risk-management products. It was founded in 1998 with the merger of 11 privately held insurance brokerages, the company said. That number has grown to a network of more than 400 brokerages across North America.