CHICAGO, USA -- Hub International Limited has entered into an agreement to acquire Carrión, Laffitte & Casellas, Inc. (CLC), a full service insurance brokerage firm headquartered in San Juan, Puerto Rico.
This acquisition represents the next phase of Hub’s expansion in the Caribbean and Latin America with the formation of Hub International Caribbean Holdings.
CLC will become a new regional platform (hub) doing business as Hub International CLC (Hub CLC). Jose Carrión, one of the founders and the president of CLC, his management team and other CLC employees will join Hub and continue operating out of their existing San Juan office and Hub’s Miami, Florida-area office.
With roots dating back to 2001, CLC is the largest independent brokerage firm in Puerto Rico. It offers a broad suite of insurance solutions to commercial and individual clients, including property and casualty and customized plans for high net-worth personal lines clients, and employee benefit programs. CLC serves not only the Puerto Rican market, but also clients located throughout the Caribbean, Latin America and the continental United States. Its diversified client base covers many industries, with a large concentration in the financial and construction sectors.
“We are excited to join forces with one of the largest insurance brokerages in the Americas,” said Carrión. “We look forward to offering our customers many value-added services, resources and specialties available from Hub.”
“The acquisition of CLC represents our commitment to growing our expertise and fostering new relationships in the Caribbean,” said Martin Hughes, chairman and CEO, Hub International Limited. “We are excited about the opportunities that will arise with this new regional hub and we welcome the CLC team to the Hub family.”