Chicago-based Hub International Limited announced it has entered into a definitive agreement to acquire full service insurance brokerage firm Carrión, Laffitte & Casellas Inc. for an undisclosed amount.
The acquisition represents the next phase of Hub’s expansion in Latin America with the formation of Hub International Caribbean Holdings. It is subject to customary closing conditions and is expected to wrap up next month, Hub executives said in a statement.
As a result of the deal, CLC will begin doing business as Hub International CLC, headed by founder José Carrión, his management team and staff, in San Juan and Miami.
“We’re excited to join forces with one of the largest insurance brokerages in the Americas,” said Carrión, who will report directly to Neil Morrison, chairman of Hub International Latin America. “We look forward to offering our customers many value-added services, resources and specialties available from Hub.”
Established in 2001, CLC is the largest independent brokerage firm in Puerto Rico. It offers a broad suite of insurance solutions to commercial and individual clients, including property & casualty and customized plans for high net-worth personal lines clients, and employee benefit programs.
“After our successful entry into the Latin American market last year, we have been seeking out partners to further build upon our existing presence in the region,” said Morrison. “CLC and their talented staff have all of the attributes and we look forward to serving their existing clients and growing their customer base in the markets they serve.”
CLC serves not only the Puerto Rican market, but also clients located throughout the Caribbean, Latin America and the continental United States. Its diversified client base covers many industries, with a large concentration in the financial and construction sectors.
“The acquisition of CLC represents our commitment to growing our expertise and fostering new relationships in the Caribbean,” said Martin P. Hughes, chairman and CEO of Hub International Limited. “We’re excited about the opportunities that will arise with this new regional hub and we welcome the CLC team to the Hub family.”