Insurance broker Hub International has acquired Silverman Financial to further expand its capabilities in the US wealth management and retirement space.
Financial terms of the transaction were not shared.
The acquired entity is a Florida-based independent financial planning firm providing retirement services, estate and tax planning and wealth management.
Hub International Florida CEO Chris Gardner said: “We’re excited to have Marc and the Silverman Financial team join us to continue to build our retirement and wealth planning capabilities in Florida.”
Hub Retirement and Private Wealth (Hub RPW) president Joe DeNoyior added: “Silverman Financial’s expertise and knowledge in estate, tax and trust matters will be of tremendous value to our clients and advisors. The team adds tremendous depth to our wealth management capabilities.”
As part of the deal, Silverman Financial president and CEO Marc Silverman, along with his team will join Hub Florida.
The acquisition brings over $600m in asset to the insurer, who has been ramping up its presence in the wealth and retirement segment recently.
In September this year, the firm acquired Millennium Advisory Services, expanding its retirement and private wealth capabilities.
In June, it scooped up the assets of Massachusetts-based Epstein Financial, which provides corporate compliance and regulatory guidance, retirement plan consulting, and wealth management services to the clients.
Recent moves by insurers
In August this year, UK-based insurer M&G brokered a deal to acquire financial advice firm Sandringham as part of a strategy to expand its wealth management business in the UK.
In April, it was reported that the British insurance broker Ardonagh established an asset management division. Ardonagh is owned by US private equity investors HPS Investment Partners and Madison Dearborn Partners.
In March, insurance broker Acrisure marked its entry to the US asset management space with the establishment of a new division, Acrisure Asset Management.