Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired the shares of Toronto-based Independent Financial Concepts Group Ltd (IFCG), a managing general agency.
No financial terms were disclosed.
IFCG was founded in 1999 by President and CEO Gary Mandel and Executive Vice President Jaymie Bongard.
Hub, a global insurance brokerage with significant operations in Canada, was bought by H&F for about US$4.4 billion in 2013. The company has its headquarters in Chicago.
Hub International Acquires The Shares Of Ontario-Based Independent Financial Concepts Group Ltd
CHICAGO, July 10, 2018 /CNW/ — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the shares of Independent Financial Concepts Group Ltd. (IFCG). Terms of the acquisition were not disclosed.
Headquartered in Toronto, ON and founded in 1999 by President and CEO Gary Mandel and Executive Vice President Jaymie Bongard, IFCG is one of the strongest MGAs in the Toronto area. IFCG attracts high quality individuals and aligns them with one of their well sought-after advisors and staff whose teamwork, leadership and relationship management achieve proven success.
“The addition of IFCG is an exceptional opportunity for Hub to expand our broker network and enables us to continue providing financial advisors and insurance brokers seeking multi-fund insurance and risk solutions with additional world-class services and access to new markets. It’s a win for everyone,” said Terri Botosan, President of Hub Financial Inc.
Hub combines extensive sales training and coaching with industry-leading back office support and exceptional technology to provide financial advisors and insurance brokers, with access to development tools and education while maintaining their independence and self-governance. With offices in 15 cities across Canada, Hub Financial Inc. provides advisors with the convenience of local support and the security of national scope and size.
“At IFCG, we continually strive to be at the leading edge of the insurance market for our advisors and clients. Joining Hub enables our brokers to receive the most current information for their clients to maintain our high standards that has built our solid reputation,” said Mandel.
Bongard added, “If you are an insurance advisor looking to partner with an MGA, you can count on Hub and IFCG to deliver what we promise. And, if you are a client, know that your advisor is a professional surrounded by a dedicated team.”
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