Hub International Ltd. of Chicago has purchased Stevens-Dell & Associates Insurance of Little Rock, Stevens-Dell's president confirmed on Monday.
Financial terms of the deal, which closed Friday, were not disclosed.
Stevens-Dell President Steve Stevens said the three- or four-person staff at Hub International's office on Capitol Avenue in Little Rock will move into the Stevens-Dell insurance office on West Markham Street in Little Rock.
Stevens said his office has a staff of 15. After the merger, it will have 18 or 19, he said.
Stevens said no one is retiring or otherwise leaving the firm. For now, Stevens-Dell will operate under its current name, but it will eventually adopt the Hub International branding, he said.
Stevens said the deal had been in the works for about a year, and that Stevens-Dell is excited to join the larger group of insurance agencies.
Stevens said his firm will gain access to more resources and the ability to serve larger clients, like the ones the Hub International office in Little Rock served. Most of Stevens-Dell's current clients are medium-sized, he said.
Luke Underwood will head the Arkansas office, and it will report to Stuart DeSelms, president of Hub Mid-America, a regional operation in Tulsa.
Hub International has more than 11,000 employees in offices throughout North America. In recent weeks, it has acquired other companies including LBA Insurance Services Inc. of Chatsworth, California, and PDF Financial Group Inc. of Ontario, Canada. It announced another acquisition on Monday, RBI Advisory Group of Alberta, Canada.