Hub Acquires Horan Employee Benefits Division

Hub International Ltd., which provides employee solutions that include retirement planning and wealth management, announced it has acquired the employee benefits assets of Horan Health, establishing a new regional hub in the Midwest to be called Hub Heartland.

Horan Associates Inc. and Horan Smart Business LLC, collectively known as Horan Health, provide employee benefits solutions to more than 650 small and midsize companies. The firm has almost 120 employees in Ohio and Northern Kentucky, serving both corporate and individual clients in 48 states.

“M&A continues to be an important part of HUB’s growth, provides opportunities for us to expand our geographic reach and services, and results in attracting top-tier firms such as HORAN Health,” Marc Cohen, Hub’s president and CEO, said in a statement.

The deal adds to Chicago-based Hub’s steady buildup of regional footprints across insurance, workplace retirement plan advisement, wealth management and employee benefits. In May, the firm announced a “substantial” minority investment stake taken by private equity firm Leonard Green & Partners LP, in part to continue Hub’s growth trajectory. At the time, the firm confirmed it expected further investment stakes to fuel growth.

Hub Heartland will be led by Valerie Bogdan-Powers, the former president of Horan Health, who has led the firm’s overall strategy with a focus on growth, according to Tuesday’s announcement. Before joining Horan Health, she worked at Procter & Gamble in sales and brand management for more than 20 years.

“Joining the Hub team means we gain national expertise and product expansion, and we maintain local autonomy,” said Bogdan-Powers in a statement. “This acquisition provides growth opportunities for our employees and a new level of support for our clients.”

With the Heartland group forming part of Hub’s Central Region, Bogdan-Powers will work alongside Neil Hughes, the regional president.

“HORAN Health joining us is a natural progression of our strategic growth plan in the Central Region,” said Hughes in a statement. “With the highly regarded HORAN Health team led by Valerie Bogdan-Powers, we significantly strengthen the depth of services to our clients, enhancing our position in the region.”

The Horan Wealth division will continue to operate independently under its current president and CEO, Terence Horan. The CEO said in the announcement that the decision for the employee benefits division to join Hub came after an “18-month journey.”