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Monday, April 15, 2024

Hub expands presence in New York with new acquisition  

Illinois-based insurance coverage brokerage Hub Worldwide has acquired the belongings of Onecap Companies and SATS, doing enterprise as Most well-liked Companies Group.  

Monetary particulars associated to the transactions weren’t revealed. 

These acquisitions are anticipated to boost Hub’s P&C insurance coverage options and particular person and group advantages choices. 

Onecap, Most well-liked Companies Group and their affiliate, LYNLY Well being Insurance coverage Company, function out of Cedarhurst, New York, with further workplaces in Manhattan, Tarrytown and Englewood, New Jersey.  

They supply an array of insurance coverage brokerage companies together with medical and ancillary advantages equivalent to dental, life, imaginative and prescient, incapacity and voluntary advantages. 

Carey Gruenbaum and Peter Lefkowitz, principals at Onecap and Most well-liked Companies Group, respectively, together with their groups, together with Dov Eisenberger and Eric Sussman, will now be a part of Hub Northeast.  

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For this deal, TAG Monetary was the consultant for Onecap and Most well-liked Companies Group. 

Hub Northeast president and CEO Paul Collins mentioned: “We’re thrilled to welcome Peter, Carey and their whole groups to Hub. For Peter, this can be a homecoming, as he began his profession with Hub. Now with each Peter and Carey, we strengthen our management workforce and add expertise that can increase our capability to supply a best-in-class shopper expertise supported by Hub’s assets and boundaryless capabilities.  

“Our mixed capabilities and experiences will improve our providing for purchasers within the Actual Property and Healthcare sectors, whereas bolstering the flexibility to make a major influence throughout a broader spectrum of industries.” 

Gruenbaum and Lefkowitz added: “With Hub, we sit up for fuelling our continued progress. Hub has a robust platform with capabilities and assets to assist us meet and exceed the rising wants of our purchasers.” 

This acquisition follows Hub’s latest enlargement within the US, marked by the acquisition of Bolds Threat & Insurance coverage Companies’ belongings final week.  

Bolds Threat, primarily based in California, provides a set of business and private insurance coverage companies, in addition to threat administration options. 

In New York, Hub strengthened its foothold final yr by buying the belongings of Brady Threat Administration, retirement plan consulting and institutional funding advisory firm Renaissance Profit Advisors Group, and worker advantages firm Artistic Enterprise Options Group.    

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