American insurance broker and financial services firm Hub International has acquired the Spofford Group Insurance Brokerage.
Based in Hingham, Massachusetts, the acquired firm is an independent brokerage company, which offers management liability, professional liability exposures and related coverages.
It caters to banks, private equity and ventures capital firms, investment advisors, hedge and mutual fund companies, publicly traded and privately-owned companies.
The Spofford Group’s acquisition is expected to enhance and compliment Hub’s speciality practices’ capabilities.
Hub did not disclose the financial value of the deal.
Under the terms of the agreement, the Spofford Group president Rob Spofford and the team will join Hub New England.
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Rob Spofford will assume a leadership role at Hub to bolster the firm’s presence in the East region and nationally.
Hub, which has a headcount of over 13,000, seeks to expand its geographic footprint and strengthen industry and product expertise organically and through acquisitions.
Last week, Hub acquired assets of JP Griffin Companies and GRP Financial California as well.
Arizona-based JP Griffin Group is an employee benefit consulting firm specializing in the design, implementation and management of complex multi-site, multi-state employee benefit programmes.
GRP Financial California, on the other hand, is a retirement plan consulting firm, which manages over $3.4bn in assets.
Hub Retirement and Private Wealth (RPW) president Joe DeNoyior stated that “the GRP Financial California team brings tremendous experience in managing retirement plans for plan sponsors and providing financial wellness services to help their employees plan for a successful financial future.”