Hub International Limited announced today that Hub International Gulf South Limited (HUB Gulf South) has acquired Pickett & Adams Insurance Agency (Pickett & Adams), a Mobile, Alabama agency with annual revenues of approximately $3.5 million. Pickett & Adams' operations will become part of Hub Gulf South. Terms of the transaction were not disclosed.
Pickett & Adams was established in 1974 by C. King Pickett, who retired in 2003, and Spencer Adams III, who continued as CEO. Mr. Adams will now join Hub as Executive Vice President and report to Steven Terry. The agency will remain at its current location.
Steven Terry, President of HUB Gulf South welcomed the Pickett & Adams team and commented that "This purchase allows Hub International to move into Alabama with a quality agency that provides an excellent base for future expansion in the region. This acquisition will provide us with opportunity for growth in many areas of our business, particularly with marine insurance due to the strategic location of this office."
"Everyone at Pickett & Adams is excited to join Hub International and become part of one of North America's largest insurance brokerages," said an enthused Spencer Adams. "We are extremely optimistic about future opportunities given the many tools and resources Hub brings to the agency."
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.
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