Hub International Ltd. has acquired Modesto, California-based broker CAPAX Management and Insurance Services Inc., Hub said in a statement on Friday.
The terms of the transaction were not disclosed.
CAPAX, which specializes in agricultural coverage and offers captive management services, provides multiline, personal and commercial insurance and consulting services to employees, Hub said in a statement.
CAPAX will expand the depth of Hub's insurance and risk management offering in the region, said Michael Der Manouel, Vice President of Hub California Central Valley.
CAPAX President Joel Geddes III will join Hub California and report to Der Manouel, Hub said.
CAPAX has less than 50 employees, according to its LinkedIn profile. [1