Canada’s largest broker has expanded its reach into the employee health and benefits sector, and has acquired an Ontario group insurance book of business.
Hub International Limited (Hub) has acquired the shares of STRATA Benefits Consulting Inc., a Winnipeg, Manitoba-based employee benefits brokerage firm (STRATA). Terms of the acquisition were not disclosed.
“There are many key factors we look for when we are identifying an acquisition candidate, including special niches of expertise or certain geographic regions, and the right people that match our culture,” Hub director of mergers and acquisitions Clark Wormer said, when asked about the strategic value of the deal.
“STRATA provides benefits consulting services to organizations of all sizes, in both the public and private sectors, and offers a range of services geared to help clients maximize the strength of the dollars they spend on benefits.”
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STRATA will become part of Hub International Horizon (Hub Horizon). STRATA president Glen Middleton will join the organization and report to Hub Horizon president Keith Jordan.
Hub has also acquired a group home and auto insurance program book of business for members of Actra Fraternal Benefits Society (AFBS), a Toronto, Ontario based firm.
Founded over 35 years ago, AFBS is a not-for-profit, federally incorporated insurance company that provides services to members of the Association of Canadian Radio Artists (ACTRA) and the Writers Guild of Canada. The AFBS group home and auto insurance program will become part of Hub International Ontario (Hub Ontario).
“HUB’s purchase of the AFBS group home and auto insurance program is a strategic acquisition, as HUB already holds a commercial relationship with the AFBS organisation,” said T. Neil Morrison, president and CEO of Hub International/HKMB & Ontario.
“HUB International enjoys a growing business…with affinity, association, group and employer-sponsored home and auto insurance programs. We continue to resource and invest in this space, and AFBS's endorsement of this relationship makes the acquisition a long term value proposition for Hub."
The AFBS book of business was acquired from Dale Parizeau Morris Mackenzie Inc. Terms of the acquisition were not disclosed.
Headquartered in Chicago, Illinois, Hub International has 250 offi ces and 5,000 employees across North America, and is licensed in all of Canada’s provinces and territories.
Business Insurance ranked Hub International 10th by revenues in 2011. The brokerage reported more than $878 million in revenues.
