Insurance broker Hub International has acquired insurance and employee benefit brokerage and consulting firm Raffa Financial Services, Hub announced in a news release Thursday.
The deal closed Dec. 31; terms were not disclosed.
The acquisition will bring 165 retirement plans with about $1 billion in assets under management to Hub's platform, Joe DeNoyior, national president of Hub Retirement and Private Wealth, a business unit of Hub, said in an email. The transaction will also strengthen Hub's ability to serve clients in the mid-Atlantic region, Mr. DeNoyior said.
Raffa provides retirement plan advisory services as well as consulting in employee and executive benefits, risk management and individual financial and insurance planning.
Three Raffa executives — Steve Heger, president; Jon Zeisler, vice president of group benefits; and Eduardo Gimenez, vice president of retirement – along with their team will join Hub.
The deal follows Hub's acquisition in December of retirement plan consulting firm GRP Financial California, which added about 87 retirement plans with more than $3.4 billion in assets to Hub's client roster. The firm acquired 15 retirement-focused services firms in the last year, including the purchase of the operating subsidiaries of TCG Group Holdings, an investment and consulting firm that had nearly 1,000 retirement plans with about $7 billion in assets under advisement.
Hub has been acquiring retirement plan advisory firms since 2017 in a push to bolster its retirement plan and wealth management business.