Acquisitive insurer Hub International Ltd. has acquired Peterson Milaney Insurance Associates Inc. for an undisclosed amount.
Peterson Milaney, headquartered in Westlake Village, California, provides full-service property and casualty insurance, plus employee benefits, the Los Angeles, Ventura and Orange county-areas of California. The group will become part of Hub's California operations, which consist of 29 offices and more than 850 employees.
Chicago-based Hub has made several acquisitions as the insurance sector continues to consolidate. On Sept. 3, the company bought the commercial-line book business from independent broker Lisa Cook. In July, the company bought Gibson's Insurance Agency Ltd., a Manitoba, Canada-based insurance firm. In January, the group picked up GNW-Evergreen Insurance Services, a Los Angeles-based insurance group, and before that, bought part of Pinnacle Insurance Partners.
For more on insurance industry consolidation, see "Racking Up Regional Insurers."