Hub International Limited (Hub), a leading insurance brokerage firm, announced today that it has acquired the assets of William Palumbo Insurance Agency, Inc. (Palumbo), a Boston, Massachusetts area based retail brokerage firm. Terms of the acquisition were not disclosed. In connection with this acquisition, the Palumbo employees will join the Hub International New England team. John LaRocca and Marisa Palumbo LaRocca, will continue to manage the operations of this group, reporting to Charles J. Brophy, President, Hub International New England.
Founded in 1932, Palumbo is a full service insurance brokerage offering property and casualty, personal lines, employee benefits and life insurance products and services throughout Eastern and Central Massachusetts and Rhode Island. The company operates out of six locations in Massachusetts: Medfield (company’s headquarters), Franklin, Attleboro, Sandwich, Cotuit and Spencer. This acquisition represents Hub New England’s goal to expand their presence across the state, including the Cape Cod region. They are the Managing Partners of the Advantage Insurance Agency Network, a strategic alliance of 15 independent agencies that provides access to markets, products, services and expert support. This group acts as both a buying group and managing general agent to improve profitability and streamline operations for members. Palumbo has been named the number one agency of choice by the Medfield Press, a community newspaper and part of GateHouse Media, New England.
"We are pleased to join forces with John, Marisa and the entire talented Palumbo team,” said Charles J. Brophy, President, Hub International New England.
“Given their longevity in the marketplace, organic growth, and proven customer service as evidenced by the recognition they receive from the communities they serve, they will be a terrific addition to our team. We look forward to having an expanded presence in Massachusetts, which will enable us to further build on our existing capabilities throughout New England,” he said.
Headquartered in Chicago, Hub International Limited is a leading insurance brokerage providing a broad array of property, casualty, risk management, employee benefits, investment and wealth management products across North America. Hub is dedicated to helping businesses and individuals manage their insurance needs and plan for the unforeseen. For more information, visit www.hubinternational.com.