Global insurance brokerage Hub International has continued its aggressive expansion strategy this year with the acquisition of Ontario-based Benefit Broker Services. Terms of the deal were not announced.
Benefit Broker provides innovative solutions around employee benefits and pension plans, and is based in Wallaceburg, Ontario. Scott and Stacey Ewing of Benefit Broker will join Hub Ontario reporting to Rob Tamblyn, president of employee benefits, Hub Ontario.
The deal follows Hub’s announcement last month of its corporate strategy to assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete employee benefits solution.
“Hub recognized a mid-market employee benefits void in Canada. While mid-sized companies currently have the option of working with a large brokerage for employee benefit solutions, it’s challenging for those brokers to provide the resources necessary to drive value to the mid-market clients,” said Tina Osen, president of Hub International Canada. “Hub’s shared service model enables our customers to retain a relationship with their local broker while gaining access to the tailored insurance solutions of a leading global brokerage.”
According to Hub International president of employee benefits Mike Barone, the firm is interested in companies that can that bring new expertise to complement its offerings to its customers in attracting and retaining their current and upcoming workforce.
“With a ready pipeline of more than 130,000 property & casualty customers, we are not in the business of merely acquiring revenue, but rather are seeking talent and firms who want to be a part of our strategy and share our customer-centric, entrepreneurial culture,” Barone added.