This is the second agency acquisition for Hub New England in a month
Hub New England has added another Massachusetts agency to its roster. The regional brokerage firm has acquired the assets of the Pinnacle Financial Group and the Pinnacle Insurance Agency. While further specifics on the terms of the acquisition were not disclosed, it was announced that Pinnacle’s CEO, Michael Mingolelli, Jr., and his former partners will join the Hub team upon the completion of the transaction. Mr. Mingolelli will report to Charles Brophy, President and CEO of Hub New England.
“We are delighted to have Michael and his partners David Hauptman, Ken Masters and Marc Mingolelli of Pinnacle join Hub New England. Pinnacle is recognized nationally and throughout New England for its expertise in private placement, estate planning and corporate-owned life insurance, and its staff of seasoned professionals will be a welcome addition to our organization. We are looking forward to expanding Pinnacle’s successful platform throughout our region,” said Brophy.
Based in the Greater Boston area, Pinnacle became a successful agency by focusing on sophisticated life insurance solutions and services to family offices, ultra-affluent families as well as to middle market and large market companies. This latest acquisition comes just shy of one month’s time from Hub New England’s last acquisition of the DFM Insurance Agency in early November.
A little bit more about Hub International in New England…
Hub New England is part of Hub International, a top 10 global insurance broker offering property and casualty, life and health, employee benefits, investment and risk management solutions.
Based in Wilmington, the agency now boasts over 485 employees working in more than 18 locations in Massachusetts, New Hampshire and Rhode Island. Charles Brophy, who was recently named President and CEO of both Hub International New England and Hub International East Region, was selected as the 2016 Insurance Professional of the Year by the Insurance Library Association of Boston.
According to a Boston Business Journal 2015 ranking of Massachusetts insurance brokers, Hub New England has overtaken the Marsh & McLennan Agency to become the second largest insurance broker in Massachusetts after USI Insurance. As the second largest insurance broker in the Commonwealth, Hub International’s 2014 Volume Premium-Dollar Volume in Massachusetts was $1,082,000,000 dollars, with 60% percent of its business focused in Commercial Lines, 25% in Personal Lines and 15% in Life Insurance.