Hub continues to make moves, announcing this morning the acquisition of a Canadian-based managing general agency.
Through its subsidiary Hub Financial Inc., Hub has acquired the shares of MGA Partners Inc., an Ontario-based MGA.
“We are committed to supporting independent financial advisors and insurance brokers in operating their businesses in a fully self-governing manner,” said Terri DiFlorio, president, Hub Financial. “We offer comprehensive support and a solid infrastructure to allow them to grow their practices. This same philosophy will carry over and continue with MGA’s brokers.”
The acquisition broadens Hub’s footprint in Canada’s eastern provinces, and its reach to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their independence, said DiFlorio.
Terms of the acquisition were not disclosed.
MGA has six locations in Windsor, London, Ottawa and Font Hill, Ontario, and offices in Prince Edward Island and Halifax. Each will remain in operation.
With the acquisition, Hub Financial will operate 16 locations with more than 200 employees throughout Canada. Peter B. Lamarche, President, MGA, Patrick Kelly, Vice President, MGA, and Miklos Valsamas, Vice President & Chief Compliance Officer, MGA, will join Hub with their staff and continue in their roles.
Hub Financial serves more than 700 financial institution clients in the U.S. and Canada, with solutions for lead lending risk management, executive line, optional payment protection debt and direct market loyalty and affinity programs.
