Hub International acquires Toronto-based MGA

Hub International acquires Toronto-based MGA | Insurance Business Canada

Hub International acquires Toronto-based MGA

Insurance brokerage Hub International has announced it has acquired shares in Independent Financial Concepts Group (IFCG), just a few weeks after two other major acquisitions.

IFCG is an MGA based in Toronto and was founded in 1999 by its current president and CEO Gary Mandel and current executive vice president Jaymie Bongard.

Hub Financial president Terri Botosan has described the deal as a win for everyone involved. 

“The addition of IFCG is an exceptional opportunity for Hub to expand our broker network and enables us to continue providing financial advisors and insurance brokers seeking multi-fund insurance and risk solutions with additional world-class services and access to new markets,” Botosan added.

According to Mandel, the acquisition enables IFCG brokers to bring the most current information to their clients to maintain the high standards that built its reputation.

Terms of the deal with IFCG were not disclosed.

Earlier this month, Hub announced the acquisitions of Optimum Group Benefits & Insurance Services in Coquitlam, BC and Wm. W. Hammond Insurance Agency in Leamington, Ontario. Both acquisitions bring Hub’s total acquired 2018 employee benefits commission and fee revenue to nearly $20 million, a release said. Terms of both acquisitions were not disclosed.

Meanwhile, in May, it acquired the shares of Les Avantages Sociaux Delta. The Montreal-based multidisciplinary benefits brokerage works with mid-size and large businesses in the country to provide actuarial services and support for retirement and group insurance plans, in addition to human resources and disability management.


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