Hub Financial Inc, a subsidiary of Hub International Ltd, has acquired the shares of MGA Partners Inc, a managing general agency with offices located in Ontario and Atlantic Canada. The financial details of the transaction were not published. Hub, a Chicago-based insurance brokerage with significant operations in Canada, said the deal broadens its footprint in the country’s eastern provinces, as well as its reach to financial advisors and insurance brokers. The company has been backed by U.S. private equity firm Hellman & Friedman since 2013.
Hub International Acquires Canadian-Based MGA Partners
Acquisition Expands Hub’s Eastern Canadian Footprint and National Managing General Agency Services
December 03, 2014
CHICAGO–(BUSINESS WIRE)–Hub International Limited (Hub), a leading global insurance brokerage, announced today that its subsidiary Hub Financial Inc. (Hub Financial) has acquired the shares of MGA Partners Inc. (MGA), an Ontario Canada-based managing general agency. Terms of the acquisition were not disclosed. The acquisition broadens Hub’s footprint in Canada’s eastern provinces, and its reach to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their independence.
“We offer comprehensive support and a solid infrastructure to allow them to grow their practices. This same philosophy will carry over and continue with MGA’s brokers.”
MGA has six locations in Windsor, London, Ottawa and Font Hill, Ontario, and offices in Prince Edward Island and Halifax. Each will remain in operation. With the acquisition, Hub Financial will operate 16 locations with more than 200 employees throughout Canada. Peter B. Lamarche, President, MGA, Patrick Kelly, Vice President, MGA, and Miklos Valsamas, Vice President & Chief Compliance Officer, MGA, will join Hub with their staff and continue in their roles.
“We are committed to supporting independent financial advisors and insurance brokers in operating their businesses in a fully self-governing manner,” noted Terri DiFlorio, President, Hub Financial. “We offer comprehensive support and a solid infrastructure to allow them to grow their practices. This same philosophy will carry over and continue with MGA’s brokers.”
Hub Financial offers a robust value proposition specifically catering to the independent financial professional who wishes to offer his/her clients a wide array of products. MGA clients will now have access to the same breadth of products and services Hub Financial delivers to its customer base — offering extensive sales training and coaching for insurance brokers seeking to develop their skills with an MGA, without sacrificing independence.
About Hub Financial Services
Hub Financial Services develops customized insurance programs and risk management solutions for financial institutions’ independent advisors and brokers. Hub Financial’s global resources, broad market access and advanced technology serve more than 700 financial institution clients in the US and Canada, with solutions for lead lending risk management, executive line, optional payment protection debt and direct market loyalty
and affinity programs.
About Hub’s M&A Activities
Hub International is committed to growth through organic efforts and acquisitions. It continues its aggressive pace of identifying and acquiring entrepreneurial brokers that are dedicated and focused on providing local market specialization, while at the same time looking to leverage the resources and tools of a global brokerage. For more information about Hub’s M&A activities visit www.WeAreHub.com.
About Hub International
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in North America. For more information go to www.hubinternational.com.
Hub International Limited
Media: Marni Gordon
M&A: Clark Wormer
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