Hub International Acquires The Assets Of Massachusetts-Based Summit Financial Corporation And Summit Financial Insurance Agency, Inc.
CHICAGO, IL — Hub International, a global insurance brokerage, announced that it has acquired the assets of Summit Financial Corporation and Summit Financial Insurance Agency, Inc. (Summit). Terms of the acquisition were not disclosed.
Headquartered in Burlington, Massachusetts, Summit provides plan design, consulting, actuarial, administration and investment-related services for both qualified and non-qualified employer-sponsored retirement plans, as well as, similar services for employee benefit plans.
Since the company was founded by Joe Bonasera, President, and Brian Babcock, Vice President & Chief Operating Officer, in 1993, Summit has grown into one of New England’s premier employee benefits, retirement and financial consulting firms. Today its client list includes more than 350 local and national organizations. Hub’s acquisition of Summit strategically aligns 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.”
Summit’s leadership team and staff, including Bonasera, will join Hub and continue to operate out of Summit’s existing offices. They will report to Charles Brophy, President and CEO, Regional President, Hub International US East.
“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.