Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired SilverStone Group (SilverStone), 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 creates 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, Nebraska with additional offices in Council Bluffs, Iowa and Sioux Falls, South Dakota, SilverStone specializes in insurance and surety, risk management, employee benefit services, retirement plans, wealth management and estate planning. SilverStone was founded in 1945 by Howard H. "Red" & Ruth Nelson and is today a three-generation employee-owned company led by Chief Executive Officer, John H. Nelson, the founders' grandson. SilverStone 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," said Marc Cohen, Hub's President and Chief Executive Officer. "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.
Mr. Cohen added, "SilverStone's employees and clients will immediately have full access to a broad range of resources, tools and specialists that are part of Hub's value and differentiating proposal. We have invested significantly to meet the needs and priorities of our clients and look forward to sharing those with SilverStone. As is the case with all of our individual Hub offices, we eagerly anticipate becoming an even bigger part of this community."
The Hub Great Plains leadership team will include Mr. Nelson as President, Todd Rogge as CFO/COO, Grant Matthies as Chief Sales Officer, Brett Sesker as Group Benefits Practice Leader, Jeff Sharp as Wealth Management Practice Leader, Glen Gahan as Retirement Practice Leader, and John Sutton as Managing Director - Dakota Territories. The leadership team will work with Trey Biggs, Hub President of U.S. West.
"After operating for 75 years as an independent broker, it was important to our 225 Associates and 48 shareholders that we remain a private company and continue to have a significant ownership stake in the business," said John H. Nelson, SilverStone Group's Chief Executive Officer. "This union not only accomplishes that objective, it strengthens our capabilities through access to new insurance markets, specialty expertise and technical services across most industry spectrums. My father, John P. Nelson, Chairman, has enjoyed a twenty-five year personal relationship with Hub co-founder and Vice Chairman Richard Gulliver, which was critical in our board's decision to join forces with Hub. Their stellar reputation, people-first focus and entrepreneurial operating philosophy perfectly fit our culture."
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in offices located throughout North America, Hub's vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.