Intercare Insurance Solutions, an 85-employee insurance brokerage in Sorrento Valley, has been acquired by Hub International Ltd., an international insurance giant in Chicago.
The financial terms of the acquisition were not disclosed, but no changes are expected in the management or work force.
Intercare, which focuses on employee benefits, is known for developing specialized products that help midsized companies cut their health insurance costs through corporate wellness programs. Hub says it hopes to expand some of Intercare’s programs to other clients nationwide.
Roy Taylor, who heads Hub’s operations in the Western region, said Intercare President Mike Barone and his team are “dynamic thinkers” and “industry leaders, especially in the employee benefits and corporate wellness disciplines.” Barone and his team will now report to Kirk Christ, who heads Hub’s California operations.
Hub, which has offices throughout the United States, Canada, Brazil and Puerto Rico, appears to be on a buying spree. Since a $740 million private offering in September, it has bought brokerages or their assets in Anaheim, San Francisco, San Bernardino, Spokane, Idaho, Oklahoma and New Brunswick, Canada.