Hub acquires New England boutique firm

Hub acquires New England boutique firm | Insurance Business America

Hub acquires New England boutique firm

Hub International has acquired the assets of Massachusetts-based Summit Financial Corporation and Summit Financial Insurance Agency. Terms of the deal were not disclosed.

Summit provides plan design, consulting, actuarial, administration and investment-related services for employee-sponsored retirement plans and similar services for employee-benefit plans. Founded by President Joe Bonasera and Vice President and COO Brian Babcock in 1993, Summit has become one of New England’s premier employee-benefits, retirement and financial consulting firms.

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“Joining Hub allows us to leverage the resources of one of the largest insurance brokers without compromising our boutique-firm roots,” Bonasera said. “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.”

Summit’s leadership team and staff will join Hub and continue to operate out of Summit’s existing offices, according to a news release. They will report to Charles Brophy, president and CEO and regional president, Hub International US East.

“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,” said David Reich, national president of Hub Retirement Services.