Canadian Underwriter

Hub International purchases “certain assets” of Quebec surety broker

August 8, 2017   by Canadian Underwriter

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Chicago, Ill.-based Hub International Limited announced on Monday that Hub Quebec has purchased “certain assets” from Patrice Varin, through a corporation held by him.

Terms of the acquisition were not disclosed.

Varin will join Hub Quebec, bringing with him a commercial line book of business focused on offering bonds and surety-related products, Hub noted in a press release.

Varin is a member of the Surety Association of Canada and associated with MP2B Assurance, which offers personal, commercial, marine, aviation and specialty insurance, among others.

The purchase is the latest Canadian acquisition from Hub. 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. In both of those cases, terms of the acquisitions were not disclosed. 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 to 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.

Hub, a global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America, said in the release that it is “committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.”

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