Global insurance brokerage
HUB International has announced it is acquiring 1st Alaska Insurance LLC for an undisclosed amount. The Soldotna, Alaska-based insurer specializes in personal lines. Owner Mike Pate will join the HUB Northwest arm, reporting to Steve Wagner, Senior Vice President of Alaska for Hub Northwest.
The buy follows a slew of asset and business acquisitions by HUB; the brokerage has also recently acquired San Juan, Puerto Rico-based FirstBank Insurance Agency Ltd., a general agency and subsidiary of First Bancorp that provides property and casualty insurance solutions.
Personal and commercial insurance solution firm Santa Fe Insurance Services Inc. has also been recently scooped up to run as part of HUB New Mexico, under the guidance of President Randy Perkins.
“First Santa Fe Insurance has a history of being well-established in its communities, and this acquisition gives its clients access to the resources, services and network of Hub’s property and casualty, employee benefits, risk services and personal lines solutions.,” Perkins said.
“First National is exiting the insurance business in order to focus on our core banking businesses in which we have deep expertise. We have been pleased to provide access to insurance products to our clients in Santa Fe and Albuquerque until this point, and those clients will now benefit from an expanded range of insurance offerings that are available from Hub.” says John Asbury, Chief Executive Officer, First National Bank of Santa Fe, the parent of First Santa Fe.
