Peterson Milaney Insurance Associates in Westlake Village was purchased by Hub International Limited, the company announced Thursday.
Terms of the deal between Peterson Milaney and Hub, headquartered in Chicago, were not disclosed. Peterson Milaney is a property and casualty insurance brokerage that also provided employee benefits and other consulting services.
Tim Milaney, president of the Westlake Village firm, will join Hub as a senior vice president, servicing and supporting existing clients. Hub California has 29 offices and more than 850 employees in the state.
“The acquisition provides Peterson Milaney’s hospitality-industry clients access to Hub’s value-added services … including employee benefits and health care-reform compliance consulting, voluntary benefits and risk services,” said Darren Caesar, senior executive vice president for Hub California, in a statement.
Hub was formed in 1998 by the merger of 11 privately held Canadian insurance brokerages and has 250 global offices.
Late last year, Hub was acquired by funds advised by Hellman & Friedman LLC in San Francisco in a deal that valued the brokerage at about $4.4 billion.