Canadian Underwriter

Hub acquires Canadian employee benefits firm

January 8, 2019   by Jason Contant

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Chicago-based global brokerage Hub International announced Tuesday it has acquired British Columbia-based employee benefits and pension brokerage TRG Group Benefits and Pensions Inc., the 13th such acquisition since last year.

“Hub continues its strategy of assembling best-in-class capabilities and entrepreneurial talent across Canada to offer clients a complete employee benefits and pension solution,” the brokerage said in a press release Tuesday.

Hub acquired the assets of Vancouver-based TRG Group Benefits and Pensions Tuesday. Terms of the transaction were not disclosed.

TRG customizes employee benefits, pension and retirement plans for businesses and not-for-profit organizations. Rob Taylor, managing director of TRG, will be joining Hub as executive vice president of employee benefits and will be a member of Hub TOS’s executive management team led by president and CEO Dave Terry.

Since launching its initiative last year to expand its employee benefits Canadian solution, Hub has acquired 13 Canadian brokerages, increased fee revenue to more than $50 million, established seven new offices and created more than 100 jobs. With the goal to achieve more than $100 million in commission fees by 2021, Hub anticipates opening more than 10 additional new offices and creating at least 100 more jobs.

There are more than 170 offices as part of Hub’s employee benefits Canadian solution. It includes voluntary benefits, health and performance, cost management consulting, group retirement services, employee communications, third party administration services, data analytics, and compliance and governance.

“Hub continues to actively seek firms and talent to help round out its insure-tech solutions, pension and retirement consulting, actuarial services for group insurance and retirement plans, and human resources and disability management,” the brokerage said.

Among the more recent acquisition announcements:

  • On Dec. 17, 2018, Hub acquired another Vancouver-based employee benefits firm, Rise People Inc. Rise has a suite of human resources, payroll and benefits administration solutions.
  • On Nov. 5, it acquired Toronto-based Proteus Performance Management Inc., which provides specialized pension plan governance and investment consulting to corporate plan sponsors, not-for-profit organizations, trusteed plans, public plans, foundations and endowments.
  • Hub acquired Clearwater Insurance Group Inc., a Toronto-based provider of customized programs and proactive health services, on Sept. 10.

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