Hub International (Hub), a leading global insurance brokerage, announced today that its subsidiary Hub International Northeast has acquired the stock of Fotek Insurance Agency, a New Jersey-based employee benefits brokerage.
Terms of the acquisition were not disclosed. The acquisition enables Hub to leverage Fotek’s benefits expertise and expands Fotek’s services to include strategic benefits planning, population health management, employee engagement and communication, healthcare reform guidance and compliance, and exchange technology solutions.
In addition to broadened service offerings, Fotek will leverage Hub’s resources in business development, underwriting and analytics.
The Fotek operations will remain in Wall, New Jersey and will become part of Hub Northeast’s network of 15 locations and more than 650 employees throughout New York, New Jersey, Connecticut, Pennsylvania and Rhode Island.
"Hub is at the forefront of developing strategic benefits solutions that reduce health care costs, empower human resource teams, and enhance employee engagement," noted Joe Torella, Hub’s President, Eastern Region, Employee Benefits. "Healthcare regulations are rapidly evolving and Fotek’s expertise in New Jersey, combined with Hub’s resources, will bring a more robust benefits solution to middle-market companies in the state."
James Foglio, Fotek’s President, will join Hub as Senior Vice President and report to Torella.
"HUB’s innovative retail and wholesale solutions expand our employee benefits offering for personal and commercial insurance," noted Foglio. "These value added solutions enable us to quickly evolve to meet the demands the market is asking for to deal with the increasing complexity of benefits."