The acquisition will help leverage Hub International’s presence in Central and Western Mass.
Hub International has acquired the assets of Springfield-based Field Eddy., Inc. as well as Your Choice Insurance Agency, Inc., more commonly known together as FieldEddy. Further terms of the purchase and sale agreement were not disclosed.
As a result of this latest acquisition, Hub New England is now strategically located throughout the entire state as well as New England with 22 offices and approximately 500 employees in Massachusetts, New Hampshire and Rhode Island.
“FieldEddy is a talented group of producers with a great local market reputation that gives Hub New England a strong foothold in Central and Western Massachusetts,” Brophy commented. “We see a real opportunity to bring Hub’s carrier relationships and customized, industry specific risk services capabilities as value adds to clients for an expanded service offering.”
Effective immediately, FieldEddy’s four locations in and around the Springfield area will subsume directly into the Hub New England identity and operations. Under Hub International name, the agency will continue to focus on its core areas of education, healthcare and energy industries (including oil and gas) while broadening its capabilities through Hub New England’s resources and expertise in real estate, not-for-profits, and risk services solutions.
As for the former FieldEddy leadership, both the agency’s CEO Sam Hanmer, as well as its President, Timm Marini, have
announced that they will join Hub New England’s executive leadership team. According to Hub New England, Mr. Hanmer will focus on sourcing potential M&A candidates and strategic growth initiatives throughout the region, while Mr. Marinin will concentrate on coordinating sales strategies. Both Mr. Hanmer and Mr. Marini will report directly to Charles Brophy, President and CEO of Hub New England.
Another leading independent insurance agency is bought….
Founded in 1849, FieldEddy is one of the largest independent insurance agencies in Western and Central Massachusetts. Prior to its acquisition, the company had over 80 employees operating out of its four office locations in East Longmeadow, Monson, Ludlow (which operated as Your Choice Insurance Agency) and South Hadley.
The company offers both personal and commercial insurance lines as well as life insurance and financial services which were provided via the FieldEddy Financial Group. While the majority of the FieldEddy’s clients are focused in the Northeast corridor, it’s gas and oil energy clients are located throughout the United States.
Hub International becoming a force to be reckoned with in New England
Originally founded in 1998 through the merger of 11 Canadian insurance brokerages, Hub International Limited has since then moved its headquarters from Canada to the United States, gone public, gone private and been sold. It has also successfully expanded through over 250 acquisitions to become the world’s 10th largest insurance brokerage firm.
With more than 6,500 employees in the U.S., Canada and Brazil, Hub International had revenues in 2013 of approximately $1.2 billion, after acquisition costs. The company has 300 offices across the U.S. and Canada, and it has a presence in Puerto Rico and Brazil, and provides a full array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services to its target market of midsize companies.
The company operates through an organizational structure comprised of the Chicago head office, larger regional brokerages called, not surprisingly, “hubs” and by acquisitions of smaller brokerages that are called “fold-ins.” With this latest acquisition, FieldEddy will be folded into the New England regional hub, HUB International New England, LLC. (Hub New England). This LLC is the direct legal descendant of Hub International’s first acquisition in New England, the C. J. McCarthy Insurance Agency, Inc. of Wilmington, Massachusetts. Hub International acquired the McCarthy Agency and its $12 million in commission income in 2000 as one of the 18 agencies that it acquired in that one year.
