Behind the scenes of Hub’s latest Canadian acquisition

Hub announced the acquisition of Grande Prairie, Alta.-based Elevate Insurance Brokers Wednesday.

Elevate is a locally-owned, independent full-service brokerage that provides home, auto, recreational vehicle and business insurance.

Elevate Insurance president Pierce Krol and partner Otilja Majewski will join Hub International Insurance Brokers, a division of Hub International Canada West ULC (Hub Canada West). Krol and Majewski will report to Doug Lyall, chief sales officer, vice president of the region.

Lyall told Canadian Underwriter Wednesday that Hub will maintain both its current Hub office and the new Elevate location in Grande Prairie for the foreseeable future. “Elevate will operate as Elevate Insurance Brokers Inc., a Hub International company, maintaining their present staff at their location,” he said.

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Terms of the transaction were not disclosed.

Hub has more than 12,000 employees in offices throughout North America. When asked why the larger brokerage was interesting in acquiring Elevate Insurance, Lyall pointed to the character of people staffing the smaller brokerage.

“Hub seeks to partner with brokers who have like-minded teams that care about their clients’ success and are focused on continued growth,” he said. “They have built their brand focused on providing industry-leading service through education, local knowledge, and a focus on their community.

“This, combined with their growing team of insurance professionals, made them a key addition to our present Grande Prairie location,” said Lyall, adding that he believes the move will position Hub as the area’s leading insurance brokerage. “Hub feels that adding their suite of products and insurers to Elevate’s present carriers will allow them to further execute on their already strong local brand.”

Chicago-based Hub has acquired a number of P&C Canadian brokerages and employees benefits firms over the past few months, including:

• 838517 Alberta Ltd., operating as HB Consultants, an independent employee benefits firm in June. Based in Calgary, HB Consultants specializes in group insurance programs, benefits communications, wellness solutions and risk management services
• JM Rose Insurance Agency Limited, which operated as usefulideas as of June. The Toronto-headquartered business is a business consultancy, employee benefits, and group retirement firm
• Vestas Financial Services Firm Inc. in Montreal in May. The brokerage provides commercial and personal insurance, with a focus on construction and design professionals.

In March, Hub also acquired Morneau Shepell’s benefits consulting practice. At the time, Hub told Canadian Underwriter that the move would allow the global brokerage to better serve the needs of both large employers and mid-market customers.

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