Hub International Ltd has acquired Proteus Performance Management Inc, a Toronto-based provider of pension plan governance and investment consulting.
No financial terms were disclosed for the deal, which will see Proteus’ senior executives, including President Peter Henry, join Hub Ontario.
Last month, Canadian long-term private equity firm Altas Partners agreed to acquire a minority stake in Hub, a Chicago-based insurance brokerage.
Hellman & Friedman, which acquired Hub in 2013 for about US$4.4 billion, will remain the company’s largest investor.
Hub International Acquires Ontario-Based Proteus Performance Management Inc.
CHICAGO, Nov. 5, 2018 /PRNewswire/ — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Proteus Performance Management Inc. (Proteus). Terms of the transaction were not disclosed.
Headquartered in Toronto, Ontario, Canada, Proteus provides specialized pension plan governance and investment consulting to corporate plan sponsors, not-for-profit organizations, trusteed plans, public plans, foundations and endowments. Proteus has ranked in the top decile for overall quality of investment consulting services in the 2017 Greenwich Associates Survey for U.S. and Canadian Institutional Investors Research.
“Proteus is considered among the leaders in the field of governance and investment consulting, and prides itself in providing trusted advice to clients,” said Gregory Belton, Executive Chairman of Hub Ontario. “They have a talented team whose experience will bring a unique perspective and substantially strengthen our Canadian to our already strong pension consulting capabilities.”
The move further demonstrates Hub’s ongoing Canadian employee benefits and pension consulting growth strategy to assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete employee benefits and pension solution.
Peter Henry, President of Proteus, and Senior Vice Presidents Gord Lewis and Ryan Kuruliak, will join Hub Ontario and report to Mr. Belton.
“This is an exciting and significant move for Proteus,” said Mr. Henry. “Proteus can continue to focus on our core mission – providing award winning pension plan governance and investment consulting services to our clients, but now with the added benefit of Hub’s leading corporate reputation, presence across the country and similar entrepreneurial culture. Our partnership with Hub will further strengthen the quality of service we provide our clients and the confidence our clients have with our firm.”
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