The newly acquired assets will expand the agency’s P&C capabilities
Hub International New England has announced the acquisition of certain assets belonging to Luk-Sal, LLC. Luk-Sal, which officially does business as the DFM Insurance Agency, is located on Falmouth’s Main Street, on Cape Cod. Further terms relating to the acquisition agreement were not disclosed.
“We are delighted to have DFM Insurance join Hub New England,” said Charles Brophy, President and CEO, Hub New England. “DFM is a respected brokerage firm on the Cape. Their staff of seasoned professionals will be a welcome addition to our organization.”
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Hub New England is part of Hub International, a top 10 global insurance broker offering property and casualty, life and health, employee benefits, investment and risk management solutions.
Based in Wilmington, the agency now boasts over 485 employees working in more than 18 locations in Massachusetts, New Hampshire and Rhode Island. Charles Brophy, who was recently named President and CEO of both Hub International New England and Hub International East Region, was selected as the 2016 Insurance Professional of the Year by the Insurance Library Association of Boston.
According to a Boston Business Journal 2015 ranking of Massachusetts insurance brokers, Hub New England has overtaken the Marsh & McLennan Agency to become the second largest insurance broker in Massachusetts after USI Insurance. As the second largest insurance broker in the Commonwealth, Hub International’s 2014 Volume Premium-Dollar Volume in Massachusetts was $1,082,000,000 dollars, with 60% percent of its business focused in Commercial Lines, 25% in Personal Lines and 15% in Life Insurance.