Insurance brokerage Hub International has purchased the shares of Kitchener, Ontario-based GMS Insurance, continuing its string of acquisitions this year.
GMS is an independent benefit consulting firm that services clients in Southwestern Ontario and the greater Toronto area. The firm focuses on retirement and employee benefit needs, through the help of consultants who specialize in different markets for companies ranging from small start-ups to large national or international corporations.
Terms of the deal were not disclosed, but Hub said GMS will join its Ontario division. Jonathan Shantz, president of GMS, will report to Greg Belton, executive chairman of HUB Ontario.
Commenting on its M&A activities, HUB said it is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. In an interview with Insurance Business Canada last November, Hub Ontario executive chairman Greg Belton said the company has a “tremendous pipeline of potential acquisitions” planned for the foreseeable future.
“We want partners who are keen to grow for their clients and for their employees – and be part of something bigger. We’re not looking for the person who’s just looking to cash out,” Belton added.
Last month, HUB announced the acquisitions of B.C.-based Pointbreak Consulting Group, and Saskatchewan-based Kindersley Insurance.
