US-based insurance brokerage firm Hub International has acquired three insurance companies–Desilets Insurance Brokers, TYG Insurance Agency and Spectra Management, this week.
Manitoba-based Desilets provides personal and commercial insurance lines. It specialises in delivering insurance solutions for farming industry. Desilets will operate as a part of HUB Manitoba.
Rubino Enterprises, based in Massachusetts and formerly known as TYG Insurance Agency, offers commercial and personal insurance solutions. It will join Hub New England. TYG Insurance principle Maurice Rubinowill report to HUB New England CEO Charles Brophy.
Brophy said: “It is a pleasure to welcome Maurice to Hub. TYG will be a great addition to our organisation.”
Headquartered in Utah, Spectra Management via its retirement division provides 401(k) retirement services, fiduciary risk management services, plan and compliance review, investment due diligence, provider services and benchmarking besides wealth management.
Spectra president and CEO Brent Bennett said: “It’s always been our priority to find the best technology and resources to serve our clients. Our decision to partner with Hub is simply a natural progression of our client-centric business model.”
“Joining Hub allows us to leverage the resources of one of the largest insurance brokers while maintaining our highly personal approach to administering benefits.”
Hub’s national president of employee benefits Mike Barone said: “It’s no surprise that Spectra has earned a great reputation in the employee benefits and retirement industry. Brent and his team of industry experts are client-centric, actively involved and solution-oriented.”
Spectra will join Hub International Insurance Services and Bennett will continue to manage Spectra operations.
Terms of the three deals were not disclosed.