Hub International Limited has announced that its affiliate, Hub International Limited Northeast, has acquired the assets of The B&G Group, a Plainview, N.Y.-based insurance agency. Terms of the transaction were not disclosed.
“Hub continues to remain active and thoughtful in our M&A strategy throughout the COVID-19 crisis,” said Marc Cohen, president and CEO of Hub. “Partnering with The B&G Group is a testament to our commitment to M&A and to our continued growth in New York. The B&G Group brings expertise in key industries that align well with Hub, and their strong presence in Long Island enhances our reach in New York while opening opportunities for us to bring a wider, diverse set of solutions to their customers, including retirement solutions, employee benefits and personal insurance.”
The B&G Group is one of the largest insurance agencies in the New York metropolitan area, and provides commercial insurance to industries including real estate, business services and construction. The acquisition will strengthen and complement Hub’s existing capabilities in specialty practices, Hub said. The B&G Group is also one of the largest personal insurance brokers on Long Island.
“Adding the B&G Group to our region is transformative,” said Paul Collins, president and CEO of Hub Northeast. “B&G not only enhances our scale on Long Island, but the combination of our teams of insurance professionals will provide our clients with an unparalleled service, risk mitigation and claims experience.”
The acquisition adds more than 100 employees to Hub’s Northeast regional presence, bringing the total number of Hub employees in Long Island to 350. Even Bower, president of The B&G Group, will join Hub Northeast and report to Doug Schenendorf, president of Hub’s Long Island division.
“Hub has a strong reputation in the insurance industry with similar values and a shared commitment to clients,” Bower said. “I know we can continue to grow and support our clients in many of the areas where Hub possesses a unique expertise and breadth of relationships.”
“I have known Evan for many years and am excited to work alongside him on our leadership team,” Schenendorf said. “Together, we look forward to supporting over 10,000 individuals and 22,000 corporate clients in Long Island.”