Posted on 03 May 2012
Hub International Limited (Hub) announced today that it has acquired the assets of Association Benefits Insurance Agency, Inc. (ABIA), a Lynnfield, Massachusetts-based insurance brokerage firm. Terms of theacquisition were not disclosed. The ABIA operation will become partof Hub International New England LLC. Co-Principals Frank Venuto and Frank Michaud will join Hub NewEngland, reporting to Michael S. Chapman, Chief Sales Officer.
Founded in 2000, ABIA specializes inarranging commercial lines insurance programs for the members of awide range of endorsed associations. Currently working with a dozengroups throughout the New England region, ABIA's mission is to helpdevelop and grow associations through the marketing and sales ofinsurance products to niche based industries. Some of the insurancesolutions they have implemented for various associations includeprograms for workers' compensation, property and liability,commercial auto, health, etc. As a result of the acquisition, ABIAcustomers will gain access to the complete suite of insuranceproducts and services available through Hub.
"This acquisition represents atremendous addition for Hub New England in the area of associationselling," said Michael Chapman, Chief Sales Officer, Hub NewEngland. "We see this as the final piece of a well structuredsegmentation strategy that will provide the best products to ourcustomers in an efficient way. We welcome Mr. Venuto and Mr.Michaud and the rest of the ABIA team!"
"Becoming part of one of the world'stop insurance brokerages is a phenomenal opportunity for ouremployees and our association partners," said Frank Michaud andFrank Venuto, co-principals of ABIA. "We will now be able to offerexpanded services and products that will be extremely valuable tothe members."