Hub International Ltd has acquired Blackstone Insurance, Benefits & Bonding Inc, a Saskatoon-based commercial insurance and employee benefits brokerage company.
No financial terms were released for the deal, which will see Blackstone Insurance executives join Hub Manitoba.
The announcement comes a day after Hub said it acquired Benefit Broker Services Inc, a Wallaceburg, Ontario-based employee benefits and pension plans solutions provider.
Hub, a Chicago-based full-service insurance business, was acquired in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.
Hub International Acquires Saskatchewan-Based Blackstone Insurance, Benefits & Bonding Inc.
Chicago, August 8, 2018 – Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Blackstone Insurance, Benefits & Bonding Inc. (Blackstone Insurance). Terms of the acquisition were not disclosed.
Headquartered in Saskatoon, Saskatchewan with an additional office in Regina, Blackstone Insurance is a Commercial Insurance and Employee Benefits brokerage firm. The acquisition demonstrates Hub’s ongoing Canadian employee benefits acquisition and services strategy to assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete employee benefits solution.
Both Troy Shanks, Vice President of Benefits Division, and Tim Shanks, Senior Vice President of Commercial Division, for Blackstone Insurance, will join Hub Manitoba reporting to Doug Trapp, Vice President of Hub Manitoba.
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.