Framberger Employee Benefits & Insurance Services Inc. of San Luis Obispo has been acquired by Chicago-based global insurance brokerage firm Hub International Limited. Terms weren’t disclosed.
Hub International has acquired Framberger’s assets, and the agency will become part of Hub's California operations.
"This is such a good move for our clients," said firm owner Connie Framberger. "What I found was that with the Affordable Care Act, there were clients that needed more professional services that I couldn't offer. I was faced with either packing up shop or expanding to 100 employees to serve them, and neither option was really appealing."
Framberger has five employees and about 350 clients, according to Hub International, which said it decided to expand in the San Luis Obispo area because it’s growing and vibrant.
Framberger's husband, Michael Framberger, opened the full-service employee benefits agency and brokerage in San Luis Obispo in 1979. Framberger bought out her husband in 1988 when he decided to pursue another business, and has been the firm's sole owner since then.
She will join Hub California as vice president.
“Employee benefits is a significant area of acquisition focus for Hub,” said Darren Caesar, senior executive vice president of Hub California. “Acquisitions like Framberger not only enable us to broaden our geographic reach but also allow us to bring a Fortune 500 benefits experience to Framberger’s clients,” he added.
Framberger said the firm's clients will not see any changes to the business, other than having access to more professional services through Hub.
These include strategic benefits planning, population health management, employee engagement and communication, healthcare reform guidance and compliance and exchange technology solutions. In addition, Framberger will leverage Hub California’s property and casualty solutions as a new service for clients.
“The same people will be here, in the office, answering the phones,” she said. “Most of our clients won't notice any changes, except that we get to offer all the things that a little agency can’t, but a big agency can.”
With this latest acquisition, Hub California will employ more than 950 employees in the state, according to a news release.