Insurer Hub International has made yet another acquisition, following a string of deals earlier this year.
The company has acquired Algentis LLC, a human resources and services platform that aims to integrate payroll, benefits, insurance and human resources-compliance for businesses. Terms of the deal were not disclosed. The company will be part of Hub International Insurance Services Inc.
Hub is planning a national roll out of Algentis' services. "Algentis Delivers a streamlined, integrated approach to benefits administration for companies not ready for full in-house capabilities," says Mike Barone, national president of Hub's employee benefits. The service can help smaller companies.
Earlier in September, Hub acquired Peterson Milaney Insurance Associates Inc. Before that, in July, the company picked up Gibson's Insurance Agency Ltd.
Other insurers are also making acquisitions, as the industry continues to consolidate. In September, TA Associates invested in insurance company Groupe Cipres, and before that, private equity firm HGGC invested in Pearl Holding Group.
For more on the insurance sector, see "Racking Up Regional Insurers."