Hub announced on Wednesday that is has purchased Free Market Insurance Agencies, LLC, an Albuquerque, N.M.-based insurance brokerage firm, with Free Market’s Albuquerque-based team relocating to Hub New Mexico’s newly-renovated Albuquerque headquarters, and Michael Dennis, President of Free Market, joining Hub New Mexico as a Client Executive, Vice President for the region.
“Michael’s entrepreneurial spirit has enabled him to establish and build a robust organization and client base early in his long, promising career,” said Randy Perkins, President of Hub New Mexico. “His motivation and professional aspirations exemplify the team member profile for which Hub is looking.”
Terms of the acquisition were not disclosed.
According to Hub, the acquisition provides Free Market clients with access to the global resources, services and network of Hub’s property and casualty, employee benefits, risk services and personal lines solutions while continuing to extend Hub’s local market reach in New Mexico.
This is the third New Mexico acquisition in the past 10 months for Hub International, which operates five offices in the state — Albuquerque, Carlsbad, Las Cruces, Las Vegas and Santa Fe.
Two months ago, the company acquired the shares of the Carlsbad Insurance Agency. And last September, it purchased the assets of Albuquerque’s Manuel Lujan Insurance Inc., which had been in operation since 1926.
Free Market has established a concentration of clients in the restaurant/hospitality, construction, healthcare and financial services industries, providing commercial liability, property and casualty and personal lines home and auto insurance