Hub International Limited insurance brokerage is purchasing Coburn Insurance Agency in a move to strengthen its position in the transportation insurance market.

Coburn, an insurance brokerage based in Vermont, has a Memphis office as well as operations in Burlington, Vt., Deland and Smyrna Beach, Fla., and Hilton Head, S.C. The company has annual revenues of $9 million.

Hub International (NYSE: HBG) recently purchased Kaufman and Kaufman, a Salt Lake City-based transportation insurance brokerage, and with the Coburn acquisition, Hub's transportation segment could have annual revenues of $25 million from more than $200 million in premiums.

"We are making a substantial commitment to growth in the transportation brokerage sector, which is a profitable and underserved segment of the insurance market," said Hub CEO and chairman Martin P. Hughes, in a statement. "Specialty practices are an increasingly important component of our growth strategy, as evidenced by several of our recent acquisitions."

Scott Light, president of Coburn, will become president of HUB Transportation following the sale.

Based in Chicago, Hub International Limited is a North American insurance brokerage that provides an array of insurance products and services in the U.S. and Canada.

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