Deals & People June 8, 2023

Hub Grows in Michigan with Purchase of 7-Firm Collective

The company also acquires an insurance lead-generation platform as it grows across insurance, benefits, retirement and wealth management.

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Hub International Ltd. has announced further acquisitions across insurance, retirement, benefits and wealth management as it continues a busy start to June.

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On Thursday, the Chicago-based aggregator announced the acquisition of seven linked firms headquartered in Troy, Michigan, called Project Motown Holding Co.. Hub did not disclose terms of the transaction but noted that the firms have been working together since 2012 across commercial insurance, employee benefits, employer compliance requirements, HR technology, employee wellness and wealth management services.

“This is a game-changer for us, and more importantly, for our clients in the state of Michigan,” Caroly Hofstee, president of Hub Midwest East, said in a statement. “Our combined capabilities and vast experiences provide clients with enormous depth of services in multiple key areas, especially in employee benefits, property and casualty, employer sponsored retirement plans and wealth management.”

The acquired firms include Johnston Lewis Associates Inc.; Business Benefits Resource LLC, Joseph Aiello & Associates Inc.; T. Souphis Insurance Consulting LLC; Custom Results Corporate Consulting; Creative Benefit Solutions; and Health Insurance Consultants. The firms collectively have 60 employees, and the firms’ leadership will join Hub Midwest East, according to the announcement.

“Hub’s infinite deep bench resources and talented and specialized teams enable us to offer significantly expanded expertise and solutions to our clients,” Greg Liposky, president of Creative Benefit Solutions, said in a statement.

Separately, Hub announced Wednesday the acquisition of E-Insure Services Inc., a web-based, direct-to-consumer lead-generation platform for insurance sales. The deal adds to Hub’s in-house personal insurance brokerage platform, VIU by Hub, the firm said in the announcement. The firm did not disclose terms of the deal but announced that the E-Insure team, including Dale Williams, its president and chief operating officer, will join the VIU team.

The E-Insure business will provide VIU with the ability to “target reliable leads with strong conversion rates in priority geographies while reducing customer acquisition costs,” according to the announcement. The lead-generation firm has a record of driving more than 1 million leads per year with more than 90% representing first-time buyers, according to the announcement.

On Tuesday, Hub announced the acquisition of the employee benefits assets of Horan Health, establishing a new regional division in the Midwest to be called Hub Heartland. Horan Associates Inc. and Horan Smart Business LLC, collectively known as Horan Health, provide employee benefits solutions to more than 650 small and midsize companies.

Products June 8, 2023

Investment Product and Service Launches

Principal debuts registered index-linked annuity solution; Jackson enhances RILA suite; Prudential Advisors introduces fee-based annuities; and more.

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Principal Debuts Registered Index-Linked Annuity Solution

Principal Financial Group has launched its first registered index-linked annuity, Principal Strategic Outcomes.

The product is designed to meet the growing demand for annuity solutions as market uncertainty persists and as individuals nearing retirement seek help mitigating investment risk.

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“Sustained market uncertainty has investors thinking about their asset allocation mix which, along with volatile equity markets, has triggered movement to solutions that help individuals build retirement savings while managing their risk tolerance,” Sri Reddy, senior vice president for retirement and income solutions at Principal, said in a statement. “We built our RILA to help investors more confidently navigate diverse market conditions.”

Jackson National Life Enhances Registered Index-Linked Annuity Suite

Jackson National Life Insurance Co., the main operating subsidiary of Jackson Financial Inc., launched Jackson Market Link Pro II JMLPII and Jackson Market Link Pro Advisory II, two new RILAs.

JMLPII, commission-based, and JMLPAII, fee-based, allow consumers to grow assets before and during retirement, while offering different degrees of protection against unexpected market events.

“Since entering the RILA market in late 2021, Jackson is committed to enhancing our suite of products to provide competitive options that seek to address clients’ unique need,” Alison Reed, chief operating officer of Denver-based Jackson National Life Distributors LLC, said in a statement.

Prudential Advisors Introduces Fee-Based Annuities

Prudential Advisors has introduced fee-based annuities to its expanding advisory platform.

The new offering provides clients purchasing an annuity with investment advice for an asset-based fee. Clients will get an integrated view of their investments, including annuity assets, in a single report. The first annuity available will be the Prudential MyRock Advisor variable annuity.

“The addition of fee-based annuities was natural given the growth of our investments business,” Pat Hynes, vice president and head of field sales at Prudential Advisors, said in a statement. “At the same time, it was important that we took the time to get the client and adviser experience right.”

SoFi at Work Launches Student Loan Verification Service

SoFi at Work, which offers companies financial well-being and education assistance benefits, announced the launch of a student loan verification service.

The solution responds to the SECURE 2.0 retirement law allowing employers to match employees’ student loan payments with contributions toward retirement plans. For organizations looking to make the most of this policy change, SLV simplifies the process of linking matching employer retirement contributions to employee student loan repayments.

“Our Student Loan Verification service makes it easy for companies to put [SECURE 2.0’s] emerging, yet highly impactful benefit into action for a more inclusive future,” Barrett Scruggs, vice president and business lead of SoFi at Work, said in a statement.

John Hancock Investment Management Expands Alternatives Availability

John Hancock Investment Management, the U.S. division of Manulife Investment Management, announced expanded availability for its alternative investment product offering.

The firm broadened its registered alternative offerings to include semi-liquid tender offer funds that provide mass-affluent-eligible investors access to private securities.

“We are currently experiencing an economic and market environment with high uncertainties, notable volatility, and the prospect for weaker growth,” Nathan Thooft, CIO of multi-asset solutions at Manulife Investment Management, said in a statement. “With this in mind, our goal is to provide investors the opportunity to consider an increased allocation to alternatives, adding differentiated exposures to their portfolios.”

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