Hub International Ltd has acquired the property and casualty insurance business of Cypher Systems Inc, a Windsor, Ontario-based technology-enabled insurance brokerage. No financial terms were disclosed.
As a result of the acquisition, Hub will establish a new regional operation, Hub Customer Central, which will be located in Windsor.
Hub, a Chicago-based full-service insurance company, was acquired in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.
Hub International Acquires The Insurance Business Of Ontario-Based Cypher Systems Group Inc.
HUB to Establish New Canadian Service Center Operation
CHICAGO, Aug. 2, 2018 /CNW/ — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the Property and Casualty insurance business of Cypher Systems Group Inc. and certain of its affiliates (CSG), an insurance broker servicing large Canadian Group and Affinity programs. The acquisition also establishes a new regional operation for Hub, Hub Customer Central (HCC), to be based in Windsor, Ontario. Terms of the acquisition were not disclosed.
“Now more than ever, brokers need to understand where their clients really find value to spur investments in efficiencies and create a strategy to differentiate,” said Tina Osen, President of Hub Canada. “Acquiring this best-in-class operation also brings us into the high-volume marketplace. CSG brings expertise in scaling and running operations for large insurance programs, and the capability for new opportunities to accelerate our growth and improve the services we offer our current and future clients.”
HCC will be led by the CSG Executive Team and report to Osen. The team includes Stephen Savage, John Savage, Brian Schwab and Dave Dyer. This team has pioneered and evolved the insurance contact center including the technology and analytics experience to leverage the ever-evolving digital platform of the internet.
“This transition to Hub creates tremendous potential as our business philosophies align well and Hub brings the financial strength and resources to continue to enhance our platform and infrastructure to support even stronger customer service, growth and success,” said Dyer.
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 (Hub) is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. From 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 hubinternational.com.
Media: Marni Gordon
M&A: Clark Wormer