NEW YORK, Sept. 13, 2011 — MidCap Advisors LLC, a boutique investment banking firm based in New York with offices throughout the United States, is pleased to announce that it advised William Palumbo Insurance Agency, a Massachusetts insurance brokerage firm, in connection with the sale of its assets to Hub International New England. The terms of the transaction, which closed on September 1, 2011, were not disclosed.
Founded in 1932, Palumbo was a full-service insurance brokerage offering property and casualty, personal lines, employee benefits, life insurance and other financial services throughout Massachusetts and Rhode Island. The company operated out of six offices in Eastern and Central Massachusetts. Palumbo's primary shareholders were John and Marisa LaRocca.
John LaRocca is also the founder and Managing Partner of the Advantage Insurance Agency Network, a strategic alliance of 15 independent agencies that provides access to insurance markets and products, as well as offering agencies expert administrative support. This group acts as both a buying group and managing general agent to improve profitability and streamline operations for members.
"It became apparent early on in this assignment that The William Palumbo Agency was an excellent acquisition candidate for Hub. With Palumbo's stellar reputation, strong leadership in John LaRocca, and market location it fit in nicely with Hub New England's strategy. From the date the final letter of intent was signed in early July, everyone was committed to getting the deal closed in eight weeks," said Doug Hendrickson, Co-founder and Managing Partner at MidCap Advisors.
"We specifically wanted MidCap to advise us on this transaction and I couldn't be happier," said John LaRocca, Palumbo's CEO. "MidCap really keyed in on what it was that I was trying to accomplish with my business. They worked hard to find me the right partner to perpetuate my business. From the first day I met with MidCap until the transaction was completed I was very comfortable that they were looking out for my best interests every step of the way."
Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, reinsurance, investment and risk management products and services through offices located in the United States and Canada.
MidCap Advisors is a national middle market investment banking firm that has extensive experience representing insurance and financial services firms. MidCap's Principals and Managing Directors have arranged over $2 billion in transactions for clients.
For additional information about this transaction or MidCap Advisors, please visit http://www.midcapadvisors.com or contact Douglas T. Hendrickson at (212) 722-6547 or Email.
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