International insurance brokerage Hub International Limited has acquired the assets of California-based Basi Insurance Services.
Basi Insurance Services provides commercial and personal insurance and specializes in the agribusiness and farm industry. Terms of the transaction were not disclosed.
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The acquisition is the latest that Hub made this month, after its purchase of Texas-based Cameron Investment Company and Pennsylvania-based Fiducia Group among others.
In a statement, Hub said that the acquisition supports its specialty practices by “complementing and strengthening its existing capabilities.”
The brokerage also confirmed that Randy Basi, president and chief executive officer of Basi Insurance Services, will report to Michael Der Manouel, executive vice-president of Hub California Central Valley, and that the Basi team will join Hub California.
“Basi Insurance Services’s multi-lines capabilities and deep relationships across several ag specialties will add significant value to our clients and further strengthen our comprehensive services in Northern and Central California,” said Der Manouel.
“We’re excited to join Hub and provide a one-stop-shop for all of our clients’ growing needs,” said Basi. “We look forward to accessing Hub’s risk and compliance resources to grow our business and deliver a higher value to clients.”
