H&F and Altas-backed Hub International acquires BridgeForce

• BridgeForce MGAs are Achievex Financial Services, WCS Financial Services, WCS Achievex, Allen Wong & Associates Agency, BridgeForce Financial, Cinaber Financial, Ontario East Insurance Agency and Joseph B Woodyatt Insurance Agencies
• Hub International is backed by Hellman & Friedman and Altas Partners
• H&F bought the firm in 2013 for $4.4bn, while Altas made a minority investment in 2018

An affiliate of Hub International has acquired BridgeForce Financial, a Mississauga, Ontario-based group of insurance managing general agents (MGAs). No financial details of the transaction were disclosed.

MGAs owned and operated by BridgeForce are: Achievex Financial Services, WCS Financial Services, WCS Achievex, Allen Wong & Associates Agency, BridgeForce Financial, Cinaber Financial, Ontario East Insurance Agency and Joseph B Woodyatt Insurance Agencies.

“We are thrilled to bring together the two largest independent MGAs in Canada,” said Andrew Fink, president of Hub Financial, in a statement. “These BridgeForce firms are well-respected MGAs with strong leadership. Their commitment to independence and providing innovative solutions to their advisors make them a perfect fit at Hub Financial.”

Hub International, headquartered in Chicago, is a full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. It is backed by Hellman & Friedman (H&F) and Altas Partners. H&F acquired the company in 2013 for $4.4 billion. Altas made a minority investment in 2018.

H&F is a private equity firm based in San Francisco. It has offices in San Francisco, New York, and London.

Altas is a private equity firm headquartered in Toronto. The firm manages around $10 million on behalf of global institutional and family office investors.