Hub International has acquired the assets of the Summit Financial Corporation as well as the Summit Financial Insurance Agency. Based in Burlington, Summit is an employee benefits firm founded by Joe Bonasera, President, and Brian Babcock, Vice President & Chief Operating Officer, in 1993. Over the past 24 years, the agency has grown to become one of New England’s premier employee benefits, retirement and financial consulting firms, boasting a client list of more than 350 local and national organizations. In commenting on its acquisition, the agency says it decision to join Hub will strategically align both companies for the benefit of their clients.
“Joining Hub allows us to leverage the resources of one of the largest insurance brokers without compromising our boutique firm roots,” said Bonasera. “We are extremely pleased with the opportunity for growth and to be a part of a company that shares our same culture and commitment to clients’ success. Our clients will continue to receive customized guidance and best-in-class service, as well as a more robust suite of retirement and benefit solutions.”
According to the terms of the agreement, all of Summit’s leadership team and staff, including Mr. Bonasera, will join Hub International and continue to operate out of Summit’s existing offices. The Summit team also will report to Charles Brophy, President and CEO, Regional President, Hub International US East. Further terms of the acquisition were not disclosed.
“We’re excited for Summit to join and strengthen our Hub New England retirement and benefits operations,” said Brophy. “This transaction creates a synergy that will benefit all of Hub’s clients. We continue to expand organically and through strategic mergers and acquisitions. Continued investments in operational efficiencies in distribution and most importantly, in client service, will ensure our ability to deliver customized solutions to our customers.”
“Summit has earned a great reputation in the retirement industry and they give us a strong foundation and the credibility to grow our retirement plan business. We’re excited to welcome Joe, Brian and the rest of Summit to our team,” said David Reich, National President, Hub Retirement Services.
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 is the current 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.