Murphy Insurance joins with HUB
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The Murphy Insurance Group is celebrating its 25th anniversary this year. Now, perhaps it has another reason to celebrate: On July 1, the company became The Murphy Insurance Group, a division of HUB International.
HUB is a global insurance brokerage, and its Midwest division, based in Chicago, purchased all of Murphy’s assets.
The news may have surprised many in the area, but CEO August Felker says he’d been working on the deal for about six months. “I really hadn’t been looking around,” he says. Then, he had an opportunity to meet some HUB folks in Chicago and was highly impressed.
As things progressed, Felker grew more excited. If his company were to partner with anyone, it would have to be the perfect scenario. “I set a high bar,” he says.
With the transaction complete, very little will actually change at the local office. The Murphy team will remain in place, including Felker, whose oversight now expands to a Sheboygan office as well as locations in Waunakee and metro Milwaukee (Waukesha). He will now report to Neil Hughes, president of the Chicago-area region.
Murphy has always provided a range of employee benefits, but HUB's offerings expands on the resources available to clients.
“The big thing is gaining access to the resources that HUB has, like support for employee benefits and health care reform. That’s huge. And access to more insurance companies and risk management. It’s a win-win, because it’s good for both clients and staff.”