Terms of the deal, which is expected to close Aug. 1, were not disclosed.
Headquartered in Columbia, KeenanSuggs is a provider of multi-line insurance including property and casualty, personal lines, employee benefits and risk services.
“We are excited to join Hub and combine our resources to service our customers and create opportunities for our employees,” said Tommy Suggs, president and CEO of KeenanSuggs, which was founded in 1949. “KeenanSuggs has always believed that our clients need more than insurance and built our firm accordingly. The combination with Hub is a natural progression for our firm. We are looking forward to the future.”
Suggs will join HUB as president and CEO of the Carolinas region for Hub Southeast, and Mitch Watson, CFO and COO of KeenanSuggs, will join Hub Southeast’s Carolinas region as COO.
KeenanSuggs has more than 100 employees with some 80 of those positions located in Columbia. The company’s headquarters is at 1330 Lady St. in downtown Columbia. The company also has offices Greenville, Charleston and Raleigh, N.C.
“We are pleased that this transition leaves 97% of our team in place, with roughly four IT/accounting positions to be, hopefully, absorbed into new roles within the larger company,” Suggs said. “Otherwise, we are looking at little to no change within our company and team structure.”
Mike Chapman, CEO of Hub Southeast, said the addition of KeenanSuggs is a “a game-changing event” for the company and its presence in the Carolinas.
“I look forward to working with Tommy and Mitch and welcome their great team and customers as part of the continued growth of the Southeast region,” Chapman said.
Hub provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.
Hub was ranked No. 9 in Business Insurance's list of the world’s largest brokers in 2015, with revenues of $1.3 billion.
The company has more than 400 offices and 9,000 employees in North America.