Hub International Limited (Hub), a leading global insurance brokerage, announced today that its subsidiary FNA Insurance Services, Inc. (FNA Insurance) has acquired the assets of the First National Administrators group of companies (FNA), a New Hyde Park, NY-based employee benefits general insurance agency. Terms of the acquisition were not disclosed. The FNA group of companies will be co-located with Hub's Wholesale Division, Program Brokerage Corporation (PBC), in Woodbury, NY. PBC is one of the nation's leading property and casualty wholesale operations, sourcing business from the many independent brokers and agents located throughout the country.
In connection with this acquisition, Larry Lynch, President & CEO of FNA, and third-generation legacy at the firm, will be joining newly-formed FNA Insurance reporting to Joe Torella, National Practice Leader, Employee Benefits, Hub International Limited.
FNA is a full-service general agent and employee benefit consultant, currently providing a network of over 5,000 retail agents and brokers with comprehensive employer group insurance consulting, compliance, and billing/administrative services through their five affiliate divisions. Founded in 1974, FNA has 40 years of experience in assisting the Northeast broker community in analyzing their clients' employee benefit needs and working with carriers to obtain the optimal health and specialty benefits plans available in the marketplace.
Marc Cohen, President and CEO of Hub's Northeast operations, noted, "This is an exciting and strategic acquisition for our organization, as it complements our existing wholesale success of delivering products and services throughout the insurance brokerage community. Joe Torella's past wholesale experience, specifically his commitment to, and growth of a General Agency in New Jersey, makes this a natural and smooth transaction for our firm as we expand our regional focus. Acquiring FNA lets us bring both sides of our wholesale business together with a unique integrated delivery platform to the benefit of our clients."
Joe Torella added, "Hub International has a strong history of wholesaling through its very successful property casualty operation, PBC, with an enviable track record of seamlessly partnering with brokers to provide a full range of innovative client programs and solutions. Recognizing the world of employee benefits is becoming even more complex, it was a natural next step to identify a local firm that offers the same level of expertise for employee benefits (medical, ancillary, voluntary and executive benefits)."
Larry Lynch commented, "After considering many options, we decided to partner with Hub because of its reputation, proven business model, similar culture and client service approach, and long tradition of honoring the wholesale/retail broker relationship, while providing us with a platform to offer our brokers the entire spectrum of products and programs they need to service their clients' insurance needs. We are now positioned to offer all the solutions our brokers need to meet the increased demands their clients are facing; from personal lines to medical insurance and from commercial liability to voluntary and executive benefits. Now, through this seamless transition, brokers will have more assets by partnering with FNA than they will have through any of our competitors. They'll get the same great service together with expanded resources and capabilities - including proposal and technical support, compliance experts and a host of new technologies that will help them optimize their service touch with clients while meeting their business objectives of growth and profitability."
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States, Canada, Puerto Rico and Brazil.
MEDIA CONTACTS:
Cara Siegel
Hub International Limited
Director, Corporate Brand Management and Media Relations
Phone: 516.677.4992
[email protected]
Clark Wormer
Hub International Limited
Director, Mergers & Acquisitions
Phone: 312.279.4848
[email protected]
Source: HUB International Limited