Hub International is set to buy Fotek Insurance Agency, marking the latest acquisition within a sector that continues to consolidate.
Fotek, headquartered in Wall, New Jersey, provides employee benefits. Under Hub's ownership, the group will now be able to offer business development, underwriting and analytics services as well. Hub is making the acquisition through Hub International Northeast Ltd.
Hub has been on an acquisition streak. The company bought the assets of Marrs Maddocks & Associates Insurance Services Inc. in October. In September, the insurer bought Algenis LLC. Also in September, the company bought Peterson Milaney Insurance Associates Inc.
Hub isn't the only insurance group scooping up brokerages. Private equity backed Confie Seguros has been doing the same thing, recently announcing a deal for three brokerages.
For more on industry consolidation, see Racking Up Regional Insurers.