Sep 10, 2008 – Hub International acquires Pickett & Adams Insurance Agency
HUB INTERNATIONAL ACQUIRES ALABAMA BASED
PICKETT & ADAMS INSURANCE AGENCY, INC.
Chicago September 10, 2008: 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.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Hub
International. For more information on Mystic Capital, please contact Kevin W. Smith
at 704-366-2153 or visit www.mysticcapital.com.