Insurance firm Hub International Ltd. has acquired Alexander Insurance Agency, a San Antonio-based insurance brokerage for the commercial towing and transportation industries.
Terms were not disclosed.
Alexander will become part of Hub’s transportation business, a national practice focused on delivering insurance and risk-management services to large and small fleets and owner-operators.
The acquisition adds a national focus on towing and recovery insurance to Hub Transportation’s offerings.
Alexander has provided specialized coverage for the commercial towing and transportation industries since 1975.
The acquired firm’s president, Larry Alexander, will join Hub Transportation and report to Dennis Templeton, senior vice president and chief sales officer. Alexander’s San Antonio office will join Hub’s existing location in that city, the buyer said.
“The tow truck and recovery industry has unique driver retention, recruitment and training needs it has to consider in order to ensure the best insurance coverage is in place,” Templeton said in the Feb. 4 announcement.
Hub Transportation said it works to address liability and insurance coverage gaps caused by the transportation industry’s challenges when facing driver retention, regulatory compliance and contractual liability issues.
Hub International is headquartered in Chicago.