Hub International to acquire Totten Insurance Group

Hub Ontario, a subsidiary of Hub International Limited, entered into a definitive agreement to acquire all of the stock of Totten Insurance Group Inc. (Totten), a Canadian specialty insurance wholesaler that develops niche products and provides solutions for unusual lines of business.
Totten, together with Hub Ontario’s existing wholesale companies, will operate as a separate hub in concert with Hub International’s other Canadian wholesale operations across Canada.
Formed in October 2002, Totten has established strong relationships with both domestic and international markets and consists of a team of professionals having decades of experience.
“Aligning ourselves with Hub gives us the financial base to explore more opportunities in the wholesale intermediary field,” said H. Ross Totten, president and CEO of Totten.
“Hub International’s resources coupled with our independence as a separate hub allow us to offer our brokers and markets a broader range of niche products going forward as a combined operation.”
The current wholesale operations of Hub International Ontario Limited (HUB Ontario), The Wholesale Insurance Group and Cross Border Underwriting Services Inc., will merge with the newly acquired entity. Moving forward, the combined business will operate as Totten Insurance Group. H. Ross Totten will become the president and CEO of the newly formed hub.
The amalgamation will result in a wholesale operation with Cdn$58 million in premium and offices located in Brampton, Moncton, Mississauga, Winnipeg and London, Ontario. The staff of approximately 75, including all operations, will remain in place.
“The wholesale intermediary insurance business has a significantly different focus than a retail property and casualty brokerage,” said Dennis Pauls, president and CEO of Hub Ontario. “Conducting the wholesale operations in a separate hub will allow Hub Ontario to focus on building its retail operations and dedicating more time and energy to its core business.”
The closing of the transaction is subject to various customary closing conditions. The parties expect to close the transaction during 2007 Q3.