HUB International acquires Leading Edge Benefit Advisors
HUB International, an global insurance brokerage, is ramping up its M&A streak to boost its employee benefit, private wealth and retirement services offerings.
In a recent deal, HUB acquired the assets of Leading Edge Benefit Advisors, a Florida-based firm that specializes in employee benefits, retirement planning and wealth management solutions. Terms of this deal were not disclosed, but the acquisition will add 35 retirement plans with $312 million in assets to HUB's platform.
“Leading Edge has had a great presence in that market and it was an area we didn’t have a presence in,” says Scott Millson, president of employee benefits for HUB Florida. “It was a very strategic purchase for us in the southwest part of the state where we did not have a presence. HUB has had a real focus on growing the retirement side of our business.”
The assets HUB acquired include: Raimey, Leading Edge Human Resource Services, Leading Edge Companies, Leading Edge Financial Group, Leading Edge Retirement Plan Advisors and Leading Edge Wealth Advisors.
"Leading Edge strengthens HUB's depth and expertise with employee benefit and retirement services in Florida and expands our talent to an important part of our state," Chris Gardner, CEO of HUB Florida, said in a statement announcing the deal.
In its most recent acquisition, HUB bought the assets of Baystate Fiduciary Advisors, a Boston-based firm offering investment fiduciary advisory services to 401(k) and 403(b) plan sponsors, utilizing both a general business approach and a strong concentration in the non-profit sector. Terms of the deal were not disclosed. Baystate Fiduciary Advisors manages $2.9 billion in assets and services as of September 2020.
At the beginning of November, HUB announced that it acquired the insurance brokerage assets of the Olson Insurance Agency and Insure All, a pair of Virginia-based providers of personal and commercial insurance services.
Terms of the deals were not disclosed, but these additions are meant to complement and strengthen HUB's personal insurance solutions. HUB has added 21 agencies to its portfolio since 2019.