Global insurance brokerage Hub International Limited (Hub) has acquired the assets of Summit Financial Corporation and Summit Financial Insurance Agency Inc. (Summit). Terms of the acquisition were not disclosed.
Headquartered in Burlington, Mass., Summit provides plan design, consulting, actuarial, administration and investment-related services for both qualified and non-qualified employer-sponsored retirement plans, as well as similar services for employee benefit plans.
Headquartered in Chicago, Ill., Hub International Limited is a global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.
Summit was founded by President Joe Bonasera and Vice President and CEO Brian Babcock in 1993. Hub’s acquisition of Summit strategically aligns both companies for the benefit of their clients, according to a press release issued by Hub. This is because joining Hub allows Summit to leverage the resources of one of the largest insurance brokers without compromising its boutique firm roots, Bonasera said in the release.
Summit’s leadership team and staff, including Bonasera, will join Hub and continue to operate out of Summit’s existing offices. They will report to Charles Brophy, president, CEO and regional president of Hub International U.S. East.
This transaction creates a synergy that will benefit all of Hub’s clients, Brophy said in the release. He added that Hub continues to expand organically and through strategic mergers and acquisitions, and continued investments in operational efficiencies in distribution and client service will ensure its ability to deliver customized solutions to customers.
Source: Hub International Limited
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