Hub International (HUB) has bought the assets of Quebec-based D’Onofrio Insurance.
D’Onofrio is an independent firm that provides both commercial and personal insurance, located in Laval.
Marco D’Onofrio, D’Onofrio owner, and his team will join Hub Quebec. The acquired business will be known as D’Onofrio Insurance, a Hub International company, HUB said in a press release.
Chicago headquartered HUB has more than 17,000 employees in offices throughout North America.
In September, the acquirer completed a substantial minority investment from Leonard Green & Partners (LGP) and other investors. At this time, the business was valued at US$23 billion ($31 billion).
“Despite the headwinds of the pandemic, interest rate hikes, and a global economic downturn, Hub has demonstrated its ability to persevere and excel,” Mark Cohen, president and CEO of HUB, said when the LGP investment was announced in May. “In the last 4.5 years, we’ve delivered a 2.5-times ROI. Our relentless focus on investing in boundaryless resources that provide best-in-class advice and solutions for our customers and our dedication to attracting and retaining the best talent in the industry affirms my optimism and energy for the future potential of Hub.”
The international brokerage has been on the acquisition trail in Canada.
In September, HUB bought cannabis specialist insurance brokerage GJJK, based out of Ontario.
Other recent HUB buys have included British Columbia brokerage Golden Ears, a property, transportation, and auto specialist.
This year it has also snapped up NBIF’s group insurance business in Edmonton.
Hub Financial’s February swoop for life insurance MGA BridgeForce saw it also acquire Achievex Financial Services, W.C.S Financial Services, W.C.S. Achievex, Allen Wong & Associates Agency, BridgeForce Financial Group, Cinaber Financial, Ontario East Insurance Agency, and Joseph B. Woodyatt Insurance Agencies.
"We are thrilled to bring together the two largest independent MGAs in Canada," Hub Financial president Andrew Fink said in a press release shared at the time.
Got a view on HUB’s swoop for Quebec insurance brokerage D’Onofrio? Drop a comment below.
