Hub International Ltd has acquired Porchlight Financial, a Vancouver-based full-service group retirement plan consulting business.
No financial terms were disclosed. As a result of the deal, Porchlight Managing Director Chris Forman will join Hub.
Hub, a Chicago-based insurance brokerage, said the acquisition reinforces its Canadian employee benefits growth and services strategy.
Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman (H&F).
Hub International Acquires British Columbia-Based Porchlight Financial
CHICAGO, June 11, 2019 /CNW/ — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Porchlight Financial. Terms of the transaction were not disclosed.
Located in Vancouver, British Columbia, Canada, Porchlight Financial is a full-service group retirement plan consulting firm with 25 years of experience in helping employers and employees achieve better pension outcomes. Porchlight Financial specializes in group retirement plan member advisory services, financial wellness programs, retirement lifestyle and income planning.
“With the addition of Porchlight Financial, Hub continues to create a robust Canadian benefits and pension solution for our clients,” said Dave Terry, President and CEO of Hub International Canada West ULC. “Their expertise will deepen Hub’s services to help clients create a more comprehensive benefits package in order to attract the talent they need and want.”
The move further reinforces Hub’s ongoing Canadian employee benefits growth and services strategy to assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete employee benefits and pension solution.
“Hub is a first-class insurance brokerage firm, with a talented team of individuals equally committed to finding ways to continually improve the client experience in the employee benefits and retirement space,” said Chris Forman, Managing Director of Porchlight Financial, who will join Hub. “We look forward to collaborating with Hub to provide a full suite of benefit and retirement offerings to more than 130,000 Property & Casualty customers of Hub across Canada.”
About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.
Media: Marni Gordon
M&A: Clark Wormer