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KT&D insurance agency acquired by big firm

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Hub International, a giant insurance brokerage backed by private equity, recently acquired KT&D near Wilmington. | PHOTO COURTESY OF WIKIPEDIA

WILMINGTON – KT&D, a 90-year-old boutique, independent insurance agency, has been acquired by a global full-service insurance brokerage.

Located in the Delle Donne Corporate Center off Route 141, KT&D employs nine people today and is led by CEO Scott Yerkes and President Kelly McGovern, both of whom will make the jump with the team to the Mid-Atlantic branch of Chicago-headquartered Hub International. The terms of the deal announced Friday were not disclosed.

KT&D provides multi-line insurance solutions, including medical malpractice, commercial and personal, and employee benefits solutions for their clients, relying primarily on referrals to expand their business. Their expertise in health care was specifically touted by Hub as complementary to its existing capabilities.

Hub was Canada’s largest insurance broker when it was acquired by the San Francisco-based private equity firm Hellman & Friedman for $4.4 billion in 2013. Since then, it has steadily grown organically and through acquisitions like KT&D to expand its geographic footprint and industry and product expertise. Today, it has more than 14,000 employees in offices located throughout North America.

While it has offices in 47 states and Washington, D.C., Hub does not currently have a Delaware office, making the KT&D acquisition its first move in the First State – it also lacks offices in West Virginia and Hawaii. The closest existing Hub office is in Blue Bell, Pa.

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