Hub International Limited (Hub) announced today that it has entered into a definitive agreement with First Financial Holdings, Inc. to acquire First Southeast Insurance Services, Inc. (FSIS), a full service insurance brokerage firm headquartered in Charleston, South Carolina with four operating units in North and South Carolina. The transaction is expected to close in the second calendar quarter of 2011 and is subject to customary closing conditions. FSIS will become a new regional platform (hub) doing business as Hub International Southeast (Hub Southeast) through offices located in Burlington, North Carolina and Beaufort, Bluffton, Charleston, Columbia, Florence, Hilton Head, Myrtle Beach and Ridgeland, South Carolina. Allison Rhyne, Executive Vice President of FSIS, and Jimmy Rowe, President of FSIS, will join Hub as part of this acquisition.
FSIS, one of the Carolinas’ largest independent insurance agencies, offers property and casualty, employee benefits and personal lines products and services through several legal entities and business units: First Southeast Insurance Services; Kinghorn Insurance Services, Inc.; Associated Insurors, Johnson Insurance Associates, Inc.; Peoples Insurance Agency; Employer Benefits Strategies; Somers-Pardue Insurance Services and Benefit Administrators, Inc. Founded in 1995 through the merger of two insurance agencies, FSIS has since grown both organically and through additional acquisitions.
The FSIS operations serve the commercial insurance needs of many industry niches, including property management/real estate, construction and the restaurant/hospitality sector. Additionally, they have a leading presence in high net worth personal lines and coastal property risks. On the employee benefits side, the FSIS team has significant capabilities, including the administration of self-insurance groups.
Martin P. Hughes, Chairman and Chief Executive Officer, Hub International Limited, commented that "we have been seeking a partner to join forces with us in the southeastern United States. FSIS possesses all of the attributes we were looking for in a new regional Hub operation, including a talented staff of insurance professionals; a strong, diversified book of business; and longevity in the marketplace. We are very pleased to welcome the FSIS team to the Hub family and look forward to building our presence in this region.”
“By joining forces with Hub, we will benefit our employees, customers, carriers and other business partners, as we become part of one of the nation’s leading insurance brokerage firms,” said Allison Rhyne. “Hub is known for its depth of expertise in all areas of insurance and our business model is the perfect fit with theirs. We are delighted to be part of Hub’s continuous expansion and excited to serve their customers in the Southeast region with first-rate offerings.”
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.