HUB International begins acquisition of Solomon Agency Corp.
New York-based Solomon Agency Corp. has begun merger and acquisition procedures with HUB International, marking a major consolidation move in the eastern United States insurance market. The potential transaction represents the third major Korean-American insurance agency acquisition by HUB International following previous buyouts in California.
According to reports from koreadaily.com published on October 4, 2026, the two companies entered into initial contract relations in early October. While formal public announcements have not yet been released by either firm, internal sources indicate that specific contract terms took effect around October 1, 2026. Insurance industry integration practices typically involve a preparation and transition window lasting two to three months surrounding the official notice.
New York Operations Merge Into North American Giant
Solomon Agency Corp., established in 1992, operates as an insurance brokerage and consulting firm with licenses spanning 35 states including California, Virginia, and Texas, alongside recent operational expansion into South Korea and Vietnam. The firm’s leadership under representative Ha Yong-hwa has positioned it as a prominent provider across multiple domestic and international markets. Multiple industry sources in New York and Los Angeles confirmed that internal paperwork has concluded, leaving the firms awaiting a public statement.
Chicago-headquartered HUB International operates as a massive North American brokerage network employing approximately 20,000 staff members across 700 office locations while serving roughly 2 million clients. Corporate financial figures for HUB International show total revenues of $4.8 billion in 2024, alongside a company valuation reaching $290 billion in 2025. The Chicago broker is actively preparing for an initial public offering slated for 2027.
Prior Acquisitions Shape the East Coast Expansion
HUB International has systematically built its Korean-American market footprint through targeted regional acquisitions over the past decade. The firm previously acquired City Insurance in 2017, followed by the purchase of Chunha Insurance in 2022. The potential absorption of Solomon Agency Corp. extends this consolidation strategy into the East Coast market corridor.
Market observers in Los Angeles pointed out the broader economic impact of selling long-standing independent institutions to national brokerage conglomerates. One regional insurance agent noted that while successful corporate exits represent strong management milestones, the transactions reduce the presence of independent ethnic-owned corporate assets within the community.
HUB International and Solomon Agency Corp Hide Transaction Value
Specific contract amounts, financial valuations, and binding transaction multiples remain undisclosed by corporate leadership as integration procedures advance. Neither HUB International nor Solomon Agency Corp. has published formal press releases or regulatory disclosures confirming the precise transaction value. Industry participants await official statements to clarify whether operational branding and regional leadership teams will remain intact following the integration window.