Chicago-based insurance brokerage Hub International Ltd has acquired TRG Group Benefits and Pensions Inc, a Vancouver-based employee benefits advisory business.
Terms weren’t disclosed.
Rob Taylor, managing director of TRG, will join Hub as executive vice president, employee benefits.
Hub said the deal brings its acquisitions of Canadian employee benefits and pension brokerages to 13 since 2018. The company currently has 170 local offices.
Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman.
Hub International Reinforces Best-In-Class Canadian Employee Benefits And Pension Platform Strategy With New Acquisition
Including newest asset acquisition of British Columbia-based TRG Group Benefits and Pensions Inc., Hub has acquired 13 Canadian Employee Benefits and Pension Brokerages since 2018
CHICAGO, Jan. 8, 2019 /PRNewswire/ — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it continues its strategy of assembling best-in-class capabilities and entrepreneurial talent across Canada to offer clients a complete employee benefits and pension solution.
Since launching its initiative last year to expand its employee benefits Canadian solution, Hub has acquired 13 Canadian brokerages, increased fee revenue to more than $50 million, established seven new offices and created more than 100 jobs. With the goal to achieve more than $100 million in commission fees by 2021, Hub anticipates opening more than 10 additional new offices and creating at least 100 more jobs.
“Building Hub’s Canadian Employee Benefits and Pension capabilities has been and remains a central tenet in our strategy,” said Tina Osen, President of Hub International Canada. “We are committed to making investments that exceed our clients’ expectations for benefits to help them be more competitive in attracting and retaining talent with a comprehensive benefits solution.”
Hub announced that it has acquired the assets of TRG Group Benefits and Pensions Inc. (TRG) today. Terms of the transaction were not disclosed.
“TRG provides cutting-edge employee benefits and pension solutions to clients,” said Mike Barone, President of Employee Benefits at Hub International. “Bringing in leading firms with an entrepreneurial spirit and new expertise to complement and strengthen our capabilities is critical for us to deliver highly differentiated benefit offerings to Hub’s more than 130,000 Property & Casualty customers across Canada.”
Headquartered in Vancouver, British Columbia, Canada, TRG is one of Canada’s leading employee benefits advisory firms with more than 400 years of combined advisory experience in the employee benefits industry. The firm customizes employee benefits, pension and retirement plans for businesses and not-for-profit organizations, helping them navigate through the complexities of today’s benefit programs and develop progressive, sustainable group benefits. Many of TRG’s advisors are recognized experts, industry advocates and published authors, who frequently speak at symposiums, conferences and summits on the topic of employee benefits. Rob Taylor, Managing Director of TRG, will be joining Hub as Executive Vice President, Employee Benefits and will be a member of Hub TOS’s Executive Management Team led by President & CEO Dave Terry.
“We are proud to join Hub – combining our significant experience in the employment benefits space with their unparalleled reach and broad array of insurance and risk services,” said Mr. Taylor. “We look forward to working together to elevate and redefine the Canadian benefits space, and the overall client experience.”
With 170 offices in Canada, Hub’s employee benefits Canadian solution includes Voluntary Benefits, Health & Performance, Cost Management Consulting, Group Retirement Services, Employee Communications, Third Party Administration Services, Data Analytics, and Compliance & Governance. Combined, these services establish the most comprehensive, integrated benefit solution for mid-size companies in Canada. Additionally, Hub continues to actively seek firms and talent to help round out its Insure-tech Solutions, Pension and Retirement Consulting, Actuarial Services for Group Insurance and Retirement Plans, and Human Resources and Disability Management. As one of its tailored services, Hub released the findings of its first Benefits Barometer Canada Study earlier this year.
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 is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in 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 www.hubinternational.com.
Media: Marni Gordon
M&A: Clark Wormer