Hub makes key acquisition in California
Hub makes key acquisition in California | Insurance Business America
Benefits
Hub makes key acquisition in California
Deal to enable both businesses to continue growing
Benefits
By
Terry Gangcuangco
Global insurance brokerage and financial services firm Hub International Limited has acquired the assets of California-based Combined HCM – spanning Combined Benefits, Inc., Combined Commercial Insurance Services LLC, and Combined Employer Services Inc.
A full-service human capital management brokerage in Diamond Bar, Combined HCM assists clients with their HR, recruiting, payroll, benefits, and commercial insurance requirements.
Under the deal, financial terms of which were not disclosed, Combined HCM chief executive Donny Woo (pictured), vice president of payroll Jonathan Zhao, and the rest of the team will integrate into Hub Los Angeles/Orange County (LAOC).
“With Hub, we will continue to grow,” Woo commented. “Hub has an already strong platform of benefits capabilities and resources to help us expand our services to meet the growing human capital and benefits needs of our clients.”
Moving forward, Combined HCM will operate under the name Combined HCM, a Hub International company.
“Combined HCM has great talent and a strong reputation in the region with an unwavering commitment to its clients and their employees,” Hub LAOC president Andrew Forchelli noted. “They will help us continue to grow and provide our clients with innovative human capital solutions, quality products and services. We are excited for them to join Hub.”
The Combined HCM acquisition was announced a day after Hub made its swoop for The Essex Agency public. Earlier this week, Hub said it snapped up the Vermont-based insurance agency to “greatly expand” the group’s expertise and offerings in the state.
“We look forward to elevating the services we provide to our clients and supporting deep regional and national resource support to the clients of The Essex Agency – a true win-win for both firms’ employees and clients,” Hub New England president Shawn McLaughlin said at the time.
Headquartered in Illinois, Hub specializes in risk management, insurance, employee benefits, retirement, and wealth management products and services. The company employs more than 17,000 people across North America.
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