Hub International Limited, a global insurance brokerage based in Chicago, has acquired the assets of Utah’s Spectra Management LLC. Terms of the acquisition were not disclosed.
Headquartered in Sandy, with an office in St. George, Spectra specializes in creating employee benefits packages that achieve a balance between financial goals and company culture. It provides 401(k) retirement services, fiduciary risk management services, investment due diligence, plan and compliance review, provider services and benchmarking and wealth management.
“It’s always been our priority to find the best technology and resources to serve our clients,” said Brent Bennett, president and CEO of Spectra. “Our decision to partner with Hub is simply a natural progression of our client-centric business model.” Bennett will continue to head Spectra operations, which will join Hub’s International Insurance Services division. Spectra was founded in 1986 and has 30 Utah employees.
“It’s no surprise that Spectra has earned a great reputation in the employee benefits and retirement industry. Brent and his team of industry experts are client-centric, actively involved and solution-oriented,” said Mike Barone, Hub’s national president of employee benefits. “We’re excited to add them to Hub as they will strengthen both of our benefits and retirement operations.”
“Our goal has always been to be a strategic benefits partner for culture-driven growth companies,” said Bennett. “Joining Hub allows us to leverage the resources of one of the largest insurance brokers while maintaining our highly personal approach to administering benefits.”
Founded in 1998, Hub provides property and casualty, life and health, employee benefits, investment and risk management products and services. It employs 6,700 in offices located throughout North America.