Hub International Ltd has bought Western Canada’s Progressive Home Warranty and Pacific Home Warranty. The values of the acquisitions were not disclosed. The companies, which provide home warranty insurance to construction home builders and homeowners, will be joined with Hub International Barton Insurance Brokers, which operates from Chilliwack, British Columbia. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since 2013.
Hub International Acquires Canadian-Based Progressive Home Warranty and Pacific Home Warranty
Combined offering delivers comprehensive risk and insurance solutions to construction industry and home owners
April 02, 2015
CHICAGO–(BUSINESS WIRE)–Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Progressive Home Warranty (Progressive) and Pacific Home Warranty (Pacific). Progressive, based in Edmonton, Alberta, and Pacific, based in Surrey, British Columbia, provide home warranty insurance programs for construction home builders and homeowners. They will become part of Hub International Barton Insurance Brokers (Hub Barton), based in Chilliwack, British Columbia.
“And with Hub, we now offer a more complete and comprehensive solution to make builders stronger, while helping homeowners better protect their assets.”
Established in 2004, Progressive and Pacific have provided home warranties to individual homeowners and builders through a rigorous inspection process that minimizes risk and loss in order to limit exposure to future claims. Both companies offer industry-leading warranty coverage for single- and multi-family homes – Pacific throughout British Columbia and Progressive throughout Alberta, Saskatchewan and Manitoba.
“Hub International is a leading property and casualty broker in Canada for the construction industry, as well as a leading provider of personal insurance needs,” noted David Moon, Hub Barton’s President and Chief Operating Officer. “Progressive and Pacific enable us to bring an additional layer of risk management and services for our construction and personal lines clients, with an industry leading assessment, to further reduce exposure to claims.”
As many provinces have home warranty regulations in place already and others await pending legislation, Progressive and Pacific have an established solution that enables thousands of builders and exponentially more homeowners to be compliant with these laws. Mike Garritty, President of both Progressive and Pacific, will join Hub Barton and maintain his position, reporting to Moon. The Progressive and Pacific teams will continue to operate from their offices in St. Albert, AB and Surrey, BC.
“Together we strengthen our focus on the construction industry — offering clients solutions that reduce or eliminate claims repair costs with value added products – and that makes us a great fit,” noted Garritty. “And with Hub, we now offer a more complete and comprehensive solution to make builders stronger, while helping homeowners better protect their assets.”
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 visit www.hubinternational.com.
Media: Marni Gordon
M&A: Clark Wormer
Photo courtesy of Shutterstock