by Rachel Sapin

Chicago-based Hub International Limited, whose New Mexico office ranked No. 1 on Business First’s list of top insurance brokers by premium volume, has acquired the Albuquerque-based insurance firm Bianchi & Associates Inc.

Richard Bianchi, the firm’s president, will join Hub New Mexico and report to Hub’s New Mexico employee benefits market leader, according to a Friday news release from Hub International Limited. The Albuquerque firm specialized in employee benefits.

Terms of the deal were not disclosed.

“Given Bianchi’s solid reputation in New Mexico and in the business community alike, we knew we had the foundation for a great relationship,” said Hub’s New Mexico President Randy Perkins of the deal. “In the months leading up to this transaction, we got a chance to work alongside Dick [Richard Bianchi] and his staff and today, we have become a stronger firm as a result of our partnership.”

In May 2016, Hub International acquired First Santa Fe Insurance Services, a division of First National 1870. At the time Perkins described that acquisition as the right move in part due to “seeing strong people within the firm, as well as a good fit culturally, geographically and strategically.”

Hub International describes itself as a network of more than 400 integrated brokerages across North America. The firm says it employs 10,000 people across North America and ranks No. 7 among the world’s largest brokerages.

A spokeswoman with Hub said the firm employs 177 in New Mexico among all of its offices in Albuquerque, Santa Fe, Las Vegas, Carlsbad and Las Cruces.

The brokerage’s premium volume in 2016 was $350 million with 165 licensed agents, according to the Business First Insurance Brokers List.

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