Hub International Limited (Hub), a leading global insurance brokerage, announced today that its Chicago-area region Hub International Midwest (Hub Midwest) has entered into a definitive agreement to acquire the assets of Laurus Strategies (Laurus) from CSIG Holding Company. Laurus is an employee benefits, human resources, and human resource information system (HRIS) global benefits consulting business. Terms of the acquisition were not disclosed. Closing of the acquisition is conditioned upon customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to occur in November 2014. As part of the transaction, Hub will acquire Laurus' employee benefits and HR technology consulting practices. This HR technology consulting practice will continue to operate under the "ihouse" brand.
Laurus will integrate into Hub's national employee benefits practice strategy, enhancing the company's ability to bring Fortune 500 solutions to the middle market. The ihouse HRIS consulting arm complements Hub's investments in private exchange technology solutions, while Laurus' deep resources in wellness, underwriting, benefits communications and carrier relationships mirrors the national employee benefits offerings Hub delivers.
"As a top 10 global brokerage with a national employee benefits offering, Laurus is a natural fit," noted Neil Hughes, President of Hub Midwest's Chicago-based operations. "It's an exciting opportunity to integrate traditional brokerage services with Laurus' unique ability to offer benefits consulting -- a critical need as clients maneuver the evolutionary changes in employee benefits fueled by healthcare reform."
Laurus offers global health and benefits consulting, including expertise in such areas as: private exchange, human capital development, international total rewards, property and casualty (P&C), non-profit and public affairs, and human resource information system (HRIS) consulting, which helps clients assess current systems and identify the best alternatives, enabling benefit solutions to integrate with existing HR systems, such as payroll.
"Offering a comprehensive suite of complementary consulting services is a huge differentiator in the middle market," noted Lerone Sidberry, Hub's President of Employee Benefits, Central Region. "Health care reform and the evolution of benefits administration make HRIS integration solutions and human capital consulting critical to employee benefit strategies."
Founded in 2003, Laurus focuses on midsized and large, complex Fortune 2000 companies. The firm's more than 130 employees serve more than 450 clients throughout the U.S., Canada and Latin America from its Chicago headquarters and three regional offices. Chris Cordes, Laurus' Managing Partner, will join Hub as the President and Market Leader of Hub Midwest, responsible for employee benefits and consulting services and reporting to Neil Hughes. Hub's National Employee Benefits Practice is headed by its President, Mike Barone.