June 4, 2021 by Jason Contant
Hub International has made its second brokerage acquisition in two days with the purchase of a family-owned firm in Nova Scotia.
Hub announced on Friday that it had acquired Sackville, N.S.-based Salvatore Insurance Brokers Ltd., which provides commercial insurance to clients in Atlantic Canada. The brokerage offers trucking and contractors insurance along with other types of commercial insurance.
A day earlier, Hub said it had bought credit risk brokerage Global Credit Risk Management Inc. (GCRM).
“[Salvatore Insurance] specializes in the transportation industry, which supports Hub’s specialty practices by complementing and strengthening its existing capabilities in commercial auto and fleet,” Chicago-based Hub said in a press release. Terms of the transaction were not disclosed.
Christina Salvatore, president of Salvatore Insurance, and her team will join Hub’s Atlantic region and report to Susan Murphy, president of Hub Ontario.
The acquisition of Salvatore Insurance comes on the heels of Hub’s acquisition of GCRM, a Canada-wide independent broker of accounts receivable and political risk insurance. With a national presence and offices located in Ontario and Alberta, the brokerage provides accounts receivable insurance and advisory services to businesses of all sizes. Customers include manufacturers, commodity traders, the services sector, finance professionals, and Canadian banks and other financial intermediaries.
In short, accounts receivable insurance protects receivables from losses resulting from payment defaults, insolvency or repudiation by buyers. Political risk insurance protects a company’s overseas sales, assets and investments from losses.
Besides Salvatore Insurance and GCRM, Hub has made two other Canadian acquisitions this year.
In April, Hub acquired Wessex Financial, a Calgary-based independent employee benefits, life and living benefits firm. And in February, it bought John Galon Insurance Services Ltd and Galon Management Ltd. (Galon Insurance Brokers). Located in Regina and Saskatoon, Galon Insurance Brokers is a three-generation full-service brokerage offering personal, commercial and agribusiness insurance, as well as government auto and various other professional services.
Feature image by iStock.com/mikdam