Insurance brokerage Hub International has announced its acquisition of Porchlight Financial, a full-service group retirement plan consulting firm based in British Columbia.
The acquisition reinforces Hub’s ongoing Canadian employee benefits growth and services strategy and is the latest in a string of acquisitions by the Chicago-based brokerage firm. Earlier this month, the firm acquired Saskatchewan broker Cottenie and Gardner, and last month it picked up Alberta-based Clarity Benefits Group, a firm that provides employee benefit plans, life insurance, and group retirement plans to both large and small companies.
Porchlight Financial has 25 years of experience in servicing employers and employees. The firm specializes in group retirement plan member advisory services, financial wellness programs, retirement lifestyle, and income planning.
“With the addition of Porchlight Financial, Hub continues to create a robust Canadian benefits and pension solution for our clients,” said Dave Terry, president and chief executive officer of Hub International Canada West ULC. “Their expertise will deepen Hub’s services to help clients create a more comprehensive benefits package in order to attract the talent they need and want.”
“Hub is a first-class insurance brokerage firm, with a talented team of individuals equally committed to finding ways to continually improve the client experience in the employee benefits and retirement space,” said Chris Forman, managing director of Porchlight Financial. “We look forward to collaborating with Hub to provide a full suite of benefit and retirement offerings to more than 130,000 property & casualty customers of Hub across Canada.”
Terms of the transaction were not disclosed.