Hub International Limited has acquired Mones & Associates Insurance Brokers Inc. from Aviva Canada Inc.
Mones also operates under the name of Arctic Insurance Brokers Ltd. in select markets.
It has approximately $10 million in annual revenue in personal and commercial lines and operates in Western and Northern Canada.
As a result of the acquisition, Hub will expand its operations to Edmonton, Calgary, Saskatoon, Prince Albert, Iqaluit, Whitehorse and Yellowknife.
Aviva acquired Mones in May 2008 as a short-term solution until a suitable succession partner could be found, said Grant Miner, Aviva Canada’s senior vice president for Western Canada.
From time to time, Aviva provides financial support to a small number of brokers/agents for the purpose of succession continuity and business expansion — sometimes taking the form of an equity position or loans, the company’s Web site says.
“This acquisition is a major step in our strategy to increase our presence in Western and Northern Canada,” said Jim Barton, president of Canada and Midwest regions for Hub.
“Mones will become part of the Hub International Barton operation, based in Chilliwack, British Columbia.”