Hub International Limited announced on Friday that is has acquired P&C brokerage Integro (Canada) Ltd.
Terms of the acquisition were not disclosed, Hub noted in a press release.
With offices in British Columbia, Ontario and Quebec, Integro Canada is a commercial property & casualty brokerage specializing in complex risks, including construction, transportation, professional services, manufacturing, real estate, entertainment, mining and financial services. Key leadership and staff from Integro Canada will be joining the Hub team, including Mark Rankin, president, based in Toronto; Robert Dunn, chairman, based in Montreal; and Michael Baddeley, managing principal, based in Vancouver.
“Integro Canada’s experience in larger, more complicated risk issues brings an expanded dimension to Hub’s substantial leadership position in the Canadian market,” Tina Osen, president of Hub Canada, said in a press release. “We are already recognized as a leader in Canada and with this expansion we broaden our geographic reach and our ability to upscale our presence in the larger risk management sector across the entire country.”
Integro Canada offers P&C and management liability insurance solutions to its clients. “Hub will round out Integro Canada’s solution by enabling them to bring employee benefits and personal line insurance options as well,” the release added.
Rankin said Hub is a “dynamic, forward-thinking organization” and join forces provides Integro’s team with “a depth and breadth of resources that will position us to be able to provide our clients with enhanced services and capabilities.”
Hub chairman and CEO, Martin P. Hughes, said that the deal with a significant one for Hub as it also expand its focus on large account business. “Hub is focused on working with like-minded organizations and Integro Canada’s commitment to culture, mission and expertise that parallels our own, makes them a great addition to our presence in Canada.”
Hub has acquired a number of Canadian brokerages in the past year. Last month, Hub Quebec reported that it had purchased “certain assets” from Patrice Varin, through a corporation held by him. Varin will join Hub Quebec, bringing with him a commercial line book of business focused on offering bonds and surety-related products.
In January of this year, Hub acquired-based Mainline Insurance Brokers Inc., Indian Head Agencies (1980) Ltd., R&J McKay Agencies Ltd. and Cathedral Insurance Services (1995) Ltd. (together as Mainline). Based in southeastern Saskatchewan, Mainline has 16 offices throughout the province and is a “property and casualty and personal lines insurance solutions provider.”
On Sept. 8, 2016, Hub acquired two brokerages in one day: Barrie, Ont.-based Sarjeant Insurance Brokers Limited and Edmonton-based managing general agency New Dimensions Underwriters Ltd. Sarjeant specializes in providing P&C solutions, including auto, residential, recreational vehicle and watercraft insurance, as well as private client services for valuable and collections, fine arts, wine collections and personal excess liability. The company also offers risk management services, building valuations, risk audits and contractual reviews.
Other Canadian acquisitions over the last few years include:
The full-service commercial and personal lines brokerage Gamble & Associates Insurance Limited, which helped Hub establish a large footprint in southwestern Ontario;
A book of auto dealer business from independent broker Alliance Assurance Inc. in New Brunswick, expanding Hub Atlantic’s general middle-market business; and
The shares of Gibson’s Insurance Agency Ltd., a general brokerage servicing government automotive insurance needs and that maintains a large agriculture/farming customer base, resulting in Hub broadening its local market reach and specializations in Manitoba.
Headquartered in Chicago, Ill., Hub International Limited is a global insurance brokerage that provides P&C, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.