Illinois-based insurance brokerage Hub International has acquired the assets of Onecap Services and SATS, doing business as Preferred Services Group.
Financial details related to the transactions were not revealed.
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These acquisitions are expected to enhance Hub’s P&C insurance solutions and individual and group benefits offerings.
Onecap, Preferred Services Group and their affiliate, LYNLY Health Insurance Agency, operate out of Cedarhurst, New York, with additional offices in Manhattan, Tarrytown and Englewood, New Jersey.
They provide an array of insurance brokerage services including medical and ancillary benefits such as dental, life, vision, disability and voluntary benefits.
Carey Gruenbaum and Peter Lefkowitz, principals at Onecap and Preferred Services Group, respectively, along with their teams, including Dov Eisenberger and Eric Sussman, will now be part of Hub Northeast.
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By GlobalDataFor this deal, TAG Financial was the representative for Onecap and Preferred Services Group.
Hub Northeast president and CEO Paul Collins said: “We are thrilled to welcome Peter, Carey and their entire teams to Hub. For Peter, this is a homecoming, as he started his career with Hub. Now with both Peter and Carey, we strengthen our leadership team and add talent that will expand our ability to offer a best-in-class client experience supported by Hub’s resources and boundaryless capabilities.
“Our combined capabilities and experiences will enhance our offering for clients in the Real Estate and Healthcare sectors, while bolstering the ability to make a significant impact across a broader spectrum of industries.”
Gruenbaum and Lefkowitz added: “With Hub, we look forward to fuelling our continued growth. Hub has a strong platform with capabilities and resources to help us meet and exceed the growing needs of our clients.”
This acquisition follows Hub’s recent expansion in the US, marked by the purchase of Bolds Risk & Insurance Services’ assets last week.
Bolds Risk, based in California, offers a suite of commercial and personal insurance services, as well as risk management solutions.
In New York, Hub strengthened its foothold last year by acquiring the assets of Brady Risk Management, retirement plan consulting and institutional investment advisory company Renaissance Benefit Advisors Group, and employee benefits company Creative Business Solutions Group.
