Hub International Ltd. has acquired SilverStone Group, one of the largest insurance brokerages in the U.S. and the largest brokerage in Nebraska. Terms of the transaction were not disclosed.
With SilverStone, the company plans to create a new regional hub to be called Hub Great Plains, which will include and cover existing operations in Omaha, Nebraska; Sioux Falls, South Dakota; and St. Paul, Minnesota.
Headquartered in Omaha, SilverStone specializes in insurance and surety, risk management, employee benefit services, retirement plans, wealth management and estate planning. The company has more than 4,600 employer clients and more than 3,700 individual clients, located across the United States and around the world.
"Hub remains bullish on the growth we are experiencing, and it's opening new M&A opportunities for us with various product, distribution and geographic channels. The differentiating value we can deliver to the staff of our new partners has helped us to attract larger firms such as SilverStone," Hub President and CEO Marc Cohen said in a statement. "Those that have joined Hub brought us talent, leadership, expertise, specialization and new geographies."
Hub completed 66 acquisitions in 2018, accounting for more than $200 million in additional revenue over the past year. To date, Hub has completed 60 deals in 2019.