Hub Financial Inc., a subsidiary of Hub International Limited, has acquired Complete Brokerage Services Inc. (CBS), a Richmond, British Columbia-based life insurance managing general agency (MGA) firm.
Terms of the acquisition were not disclosed. Tony Bosch and Chris DiSalle, principals of CBS, will join Hub Financial, reporting to Terri DiFlorio, president of Hub Financial.
CBS specializes in the development of independent life insurance and financial planning strategies. They operate out of offices in Richmond, and Vancouver, British Columbia.
Hub Financial has been a partner since CBS first started operations in 2000. As part of the acquisition, CBS will be re-branded as Hub, a process that is already underway.
Hub Financial told Insurance Business that CBS’s broker training programs were part of the draw.
“CBS has developed exceptional training programs for a broad array of advisors,” DiFlorio said. “HUB knew that exceptional broker development was a key to future growth. Bringing these programs into the Hub world adds tremendous value for our broker, and bringing the Hub value proposition and technology advantages closer to the CBS brokers is a win for them too.”
For CBS, the deal allows the MGA to focus more exclusively on its broker recruiting and training programs.
“We recognized Hub Financial’s unparalleled expertise in providing a robust MGA platform in the insurance business, and decided that outsourcing our back office would allow us to focus 100% on recruiting and training in order to grow our business organically,” said Tony Bosch, president of CBS and now executive vice president of broker development for HUB Financial.
“This single marketing driven focus gave us the opportunity to develop and deliver our Masterworks Training Series, as well as our Compass Platform from which our growth has emanated."
