Ogilvy-Hill Insurance, one of Santa Barbara’s oldest companies, has announced that it’s being purchased by Chicago-based Hub International Insurance Services.

The 121-year-old Ogilvy-Hill has offices at 418 Chapala St. and in Oxnard and Thousand Oaks, and would add 40 employees to Hub’s ranks.

Although the exact terms of the agreement have not been released, Ogilvy-Hill is said to have revenues of about $7 million that should help shore up Hub’s balance sheets, which report that the company brings in about $10 million annually.

Hub specializes in a range of insurance products, including property and casualty, reinsurance, life, health and employee benefits.

Ogilvy-Hill CEO Mark Shipp said in a statement that the company is looking forward to joining the Hub team.

“I believe that the strong market relationships built by Hub will more than meet what our valued clients have come to expect,” Shipp said.

Hub West Region president Roy Taylor said Ogilvy-Hill shared a similar philosophy to Hub and that the merger presented an “excellent fit.”

“This acquisition allows us to maintain our growth objectives,” Taylor said, “and will further build on our already significant presence in California’s Central Coast region.”

— Noozhawk staff writer Lara Cooper can be reached at lcooper@noozhawk.com.