Hub International Ltd. said in its recent statement that it has acquired Modesto, California-based brokerage CAPAX Management and Insurance Services Inc.
Terms of the transaction were not disclosed.
According to the statement, CAPAX provides multiline, personal and commercial insurance, and employee benefits consulting, specializes in agriculture coverage and offers captive management services.
Michael Der Manouel, executive vice president of Hub California Central Valley commented that CAPAX will expand the depth of Hub’s insurance and risk management offerings in the region. CAPAX President Joel Geddes III will join Hub California and report to Mr. Der Manouel.
Mr. Geddes commented, “we look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients. With Hub, we will be well-positioned to provide a full suite of services to fit our clients’ growing needs.”