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October 19, 2017

Chicago-based brokerage buys second Maine insurance agency

Chicago-based Hub International Ltd. has acquired the assets of a second Cumberland insurance agency. The 400-office brokerage bought Graffam Insurance Group, the brokerage reported Tuesday.

Terms of the acquisition were not disclosed.

Last October, Hub acquired the assets of Norton Insurance and Financial, at 275 U.S. Route 1, Cumberland. The move included Norton's offices in Winthrop, Brunswick and Portsmouth, N.H.

At the time, Hub said it was looking to expand its presence in northern New England. Norton provides commercial property, casualty and personal insurance as well as securities, advisory services, and employee benefits insurance.

Graffam, at 9 Brookside Drive, Cumberland, specializes in employee benefits and primarily serves businesses in Maine and New Hampshire. It was founded Kristen King in 2003.

The acquisition is the latest of 30 by Hub this year, according to insurancebusinessmag.com. Earlier this month, Hub acquired Rural Alaska Insurance Agency in Alaska.

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