Page 31 - BusinessWest January 24, 2022

Timm Marini says HUB has become more “laser-focused” in the way it grows.
BusinessWest
INSURANCE JANUARY 24, 2022 31
Insurance
Come Together
Mergers and Acquisitions Continue to Dominate the Insurance Industry
If you think you’ve seen more headlines than usual lately about insurance agencies being bought and sold, you’re not mistaken. In fact, 2021 was the fifth straight record-setting year for M&A activity in the insurance world. The reasons range from federal fiscal trends to
a desire to broaden an agency’s expertise; from pandemic fatigue to the aging of the Baby Boomers who built and grew many of these firms. The idea, area leaders say, is to grow strategically, with customer service and company culture at front of mind.
By Joseph Bednar
H
Marini, president of HUB International New England. “It used to be you acquired to grow — and grow profitably. And then it became geographic expansion, where you wanted to find some agencies in places where you weren’t.
“In the last 18 to 24 months, it’s gotten more laser-like,” he went on. “When I say that, I mean looking for specialists or looking for specialty shops that may bring in different
UB International is no stranger to mergers and acquisitions in the insurance world; they have long been a key element of the company’s growth, nationally and globally.
“For us and some of the bigger acquirers, we’re getting more laser-focused in what we do,” said Timm