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Deals & People June 8, 2023
Hub Grows in Michigan with Purchase of 7-Firm Collective
The company also acquires an insurance lead-generation platform as it grows across insurance, benefits, retirement and wealth management.
Reported by Alex Ortolani
Hub International Ltd. has announced further acquisitions across insurance, retirement, benefits and wealth management as it continues a busy start to June.
On Thursday, the Chicago-based aggregator announced the acquisition of seven linked firms headquartered in Troy, Michigan, called Project Motown Holding Co.. Hub did not disclose terms of the transaction but noted that the firms have been working together since 2012 across commercial insurance, employee benefits, employer compliance requirements, HR technology, employee wellness and wealth management services.
“This is a game-changer for us, and more importantly, for our clients in the state of Michigan,” Caroly Hofstee, president of Hub Midwest East, said in a statement. “Our combined capabilities and vast experiences provide clients with enormous depth of services in multiple key areas, especially in employee benefits, property and casualty, employer sponsored retirement plans and wealth management.”
The acquired firms include Johnston Lewis Associates Inc.; Business Benefits Resource LLC, Joseph Aiello & Associates Inc.; T. Souphis Insurance Consulting LLC; Custom Results Corporate Consulting; Creative Benefit Solutions; and Health Insurance Consultants. The firms collectively have 60 employees, and the firms’ leadership will join Hub Midwest East, according to the announcement.
“Hub’s infinite deep bench resources and talented and specialized teams enable us to offer significantly expanded expertise and solutions to our clients,” Greg Liposky, president of Creative Benefit Solutions, said in a statement.
Separately, Hub announced Wednesday the acquisition of E-Insure Services Inc., a web-based, direct-to-consumer lead-generation platform for insurance sales. The deal adds to Hub’s in-house personal insurance brokerage platform, VIU by Hub, the firm said in the announcement. The firm did not disclose terms of the deal but announced that the E-Insure team, including Dale Williams, its president and chief operating officer, will join the VIU team.
The E-Insure business will provide VIU with the ability to “target reliable leads with strong conversion rates in priority geographies while reducing customer acquisition costs,” according to the announcement. The lead-generation firm has a record of driving more than 1 million leads per year with more than 90% representing first-time buyers, according to the announcement.
On Tuesday, Hub announced the acquisition of the employee benefits assets of Horan Health, establishing a new regional division 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.