Hub International Limited has announced that it has acquired CAPAX Management and Insurance Services. Terms of the transaction were not disclosed.
CAPAX, based in Modesto, CA, is one of the largest locally owned insurance brokerage and employee benefits consulting organizations in central California. The company provides multi-line insurance products, including personal and commercial, employee benefits products, and risk management. CAPAX’s expertise in captive solutions and its focus on industries like agribusiness strengthens Hub’s existing capabilities.
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“CAPAX is a great addition to the Hub family as we continue our growth strategy in the region by adding specialized capabilities that will expand the depth of our insurance and risk management solutions,” said Michael Der Manouel, executive vice president of Hub California Central Valley.
Joel Geddes III, president of CAPAX, will join Hub California and will report to Der Manouel.
“We look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients,” Geddes said. “With Hub, we will be well-positioned to provide a full suite of services to fit our clients’ growing needs.”