Published by Pacific Coast Business Times in Financial Briefs on November 4, 2016
Chicago-based HUB International Insurance Services acquired Riviera Insurance Services in Santa Barbara, Hub announced on Nov. 1.
Riviera’s Chris Hill and Steve Woodward, along with their staff, will join a team of more than 40 Tri-County brokers from San Luis Obispo to Westlake Village.
Riviera will continue to operate from its location at 418 Chapala St. until Feb. 1, when it will move to HUB’s current office at 40 E. Alamar Ave.
“As we searched for the right buyer, we looked for one that would allow us to continue our direct connection with our clients and our community involvements,” Hill said in a news release. “After a diligent search, the choice became obvious: HUB has the capabilities of size and a business model that brings extensive resources to support our local businesses and community.”
HUB International is one of the top 10 insurance agencies in the country with more than 400 offices and 9,000 employees.
HUB’s 2015 property and casual revenue was more than $1 billion while property and casual premiums totaled about $6.7 billion.
There have been several other tri-county insurance mergers this year.
The Leavitt Group purchased a majority stake in Santa Maria’s Murray and Murray Insurance Agency on Oct. 26 and Arthur J. Gallagher & Co. acquired Hogan Insurance Services in Westlake in May.
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