#United States #Hub International #Insurance Services #Woods Insurance #Farmington

Hub International Strengthens Its Position in Insurance Market

Hub International Limited, a prominent name in global insurance brokerage and financial services, has taken a significant step to widen its commercial and personal insurance capabilities with the acquisition of Woods Insurance Services, Inc., commonly known as Woods. The transaction took place on January 6, 2025, and although financial details were not disclosed, the acquisition marks an essential move for Hub's strategic development in the insurance sector.

Background on Woods Insurance Services

Woods Insurance Services, headquartered in Farmington, New Mexico, is an independent insurance agency known for delivering a wide range of insurance solutions, including commercial, personal insurance, and employee benefits. This agency brings significant experience from the oil and gas industry, which will enrich Hub's existing insurance offerings and enable them to better serve clients in this sector.

Hub International’s Growth Strategy

Randy Perkins, President of Hub Southwest, expressed excitement about this acquisition, stating, "We are delighted to welcome Woods Insurance Services to Hub. Their experience and relationships across the region will help us continue our strategic growth and strengthen our offerings and capabilities." This acquisition exemplifies Hub's commitment to broaden its geographical footprint and product expertise through organic growth and acquisition.

Lyle Love, Owner and President of Woods Insurance Services, echoed similar sentiments, noting their eagerness to join Hub International. He emphasized Hub’s client-first commitment and collaborative culture, which aligns well with their aspirations to enhance service delivery and resourcefulness for clients. The Woods Insurance Services team will integrate into Hub Southwest while retaining the operational identity of Woods as a Hub International company.

What This Means for Customers

The integration of Woods Insurance Services into Hub International will not only allow for an expanded array of offerings but also aims to enhance the quality of service provided to clients. Customers can expect tailored solutions that meet their evolving needs, particularly in the commercial and employee benefits sphere. As these services unite, the focus will be on ensuring clients have access to comprehensive risk management strategies that are both strategic and supportive of their long-term goals.

Future Prospects

Looking ahead, Hub International is set to utilize the expertise brought in by Woods Insurance Services to augment its capability to meet diverse client demands. The existing reputation of Woods within New Mexico's regional insurance market will provide Hub with a robust platform to capitalize on new opportunities, especially in the oil and gas industry where Woods has built strong relationships.

In a continually evolving insurance landscape, Hub International remains committed to delivering solutions aligned with market needs. As the company proceeds with its growth mindset, stakeholders and clients alike should keep a keen eye on the developments that this merger will bring.

Finally, it’s important to acknowledge the role of MidCap Financial, which acted as a financial advisor during this transaction, ensuring a smooth transition during the acquisition process.

Conclusion

In summary, Hub International's acquisition of Woods Insurance Services is a proactive strategy to enhance its insurance offerings and solidify its presence in the New Mexico market. With an emphasis on customer-oriented services and industry expertise, Hub is setting the stage for significant growth and innovation in the insurance sector.

For more information, visit Hub International’s official website.