The assets of Waukesha-based Integrated Risk Solutions Inc. have been acquired by Chicago-based Hub International Ltd. The transaction closed March 1 for an undisclosed price.
Integrated Risk is a commercial insurance and employee benefits firm serving the construction, manufacturing, transportation, hospitality, retail and public entity sectors. It has more than 30 employees. Co-founders Tom Precia and Pete Aisbet have been hired on by Hub’s Midwest division, and will report to its chief executive officer, Lerone Sidberry. Precia, who was president and CEO of Integrated Risk, will now be CEO, Wisconsin Operations for Hub Midwest.
Hub International is a property and casualty, life and health, employee benefits, investment and risk management products and services agency. It has more than 11,000 employees across North America. The acquisition is expected to bolster its specialty practices division, with Integrated Risk’s expertise in areas such as risk management consulting, loss control engineering and claim management. Hub plans to maintain Integrated Risk's existing operations.
"Integrated Risk is a great fit for Hub. Its strategic focus, deep industry expertise and talented leadership team complement our model and enhance our capabilities in Wisconsin," Sidberry said. "The Integrated Risk team brings a very consultative approach to property and casualty, employee benefits and risk management consulting that will best address the unique industry risks and issues our clients face every day."
"We're thrilled to be joining Hub," Precia said. "Hub is as passionate about serving the unique risk of key industries as we are – investing in resources, developing proprietary products and understanding current and emerging risks with specialized industry knowledge. This partnership enables us to deepen our relationship with our clients and insurance carriers. We look forward to working together to provide valuable solutions to help clients manage their risks."