H&F-backed Hub International acquires Can-Sure Underwriting

Can-Sure Underwriting Ltd, a Vancouver-based provider of solutions for commercial property and liability risks to brokers across Western Canada, has been bought for an undisclosed price by Hub International Ltd. The deal, which will retain Can-Sure’s brand, was facilitated through Hub subsidiary Beacon Underwriting Ltd. A Chicago-based insurance broker with significant operations in Canada, Hub was acquired in October 2013 by U.S. private equity firm Hellman & Friedman for US$4.4 billion from its previous private equity owners. Vancouver corporate finance advisory firm Capital West Partners advised Can-Sure on the transaction.

PRESS RELEASE

Capital West Partners Closes Sale of Can-Sure Underwriting

March 12, 2014

Capital West Partners, Western Canada’s independent corporate finance advisor, is pleased to announce the closing of the following transaction:

Founded in 2003, Can-Sure Underwriting Ltd (“Can-Sure”) is one of Canada’s market leading Managing General Agencies (“MGA”) providing a full suite of innovative product solutions for commercial property and liability risks to its network of over 1,000 brokers across Western Canada. Can-Sure is based in Vancouver, British Columbia and employs over 30 staff. Can-Sure’s volume of gross written premium has grown substantially over the past five years reaching over $60 million for the year ended December 31, 2013.

HUB International (“HUB”) acquired the business through its wholly-owned subsidiary Beacon Underwriting Ltd. (“Beacon”). Beacon is committed to providing Canadian brokers with competitively priced, standard and niche insurance products. With offices in British Columbia, Alberta and Manitoba, Beacon offers a flexible underwriting facility with authority to make decisions and issue policies on behalf of Canada’s leading insurers and Lloyd’s Underwriters. HUB is a leading global insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services.

Terms of the acquisition were not disclosed. The combination of Beacon and Can-Sure will further expand their offerings to insurance brokers throughout Canada. The Can-Sure brand will be retained.

In this transaction, Capital West Partners acted as the exclusive financial advisor to Can-Sure, leading all aspects of the deal marketing process, providing deal structuring advice, negotiating definitive transaction agreements and closing the sale of the company.

Source: Capital West Partners

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