Oil and gas fuel Hub’s latest acquisition

Diversification into oil and gas partially fueled Hub International‘s recent acquisition of Kindersley Insurance, the company told Canadian Underwriter Thursday.

Keith Jordan, president and CEO of Hub Manitoba, said acquiring the shares of Kindersley Insurance was beneficial for both companies. “Hub sought more representation in Saskatchewan and wanted to diversify our offerings in the province to include Kindersley’s specialization in oil and gas,” he said. “The principals of Kindersley recognized an opportunity to expand as Hub provides the ability to move into more markets and offer more products.”

The entire Kindersley staff will be joining Chicago-based Hub, including principals Mark Stockford and Barry Andrew, who will join Hub Manitoba and report to Doug Trapp, vice president of Hub’s Saskatchewan Region.

Terms of the acquisition were not disclosed.

Jordan explained that Hub is always interested in expanding its geographical footprint. “In addition, as complexities in the insurance industry continue to surge, producers with specialized industry knowledge are necessary to really understand the current and emerging risks associated with a vertical market,” he said. “As such, we continue to explore industries that we can grow with our business expertise.”

Kindersley Insurance’s name will “change in the near term to reflect the benefits of joining Hub, which include market expansion, increased products and solutions and greater carrier representation.”

Headquartered in Kindersley, Sask., with an office in Dodsland, Kindersley Insurance is a full-service, independent personal and commercial insurance brokerage that specializes in insurance solutions for the agriculture, oil field and trucking industries.

The addition of the Kindersley and Dodsland operations bring Hub’s footprint in Saskatchewan to 20 branches, all of which have been opened since Jan. 1, 2017.

In September 2017, Hub International acquired Delisle, Sask. brokerage Delisle Agencies Ltd., which specializes in personal lines and government auto insurance. It also offers commercial, agriculture, First Nations, life, travel, medical and group insurance, as well as other services.

In January 2017, Hub International acquired 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 was founded in 1991 as an “association” or insurance brokers, which formed a corporation. It has more than 15 offices throughout the province and offers P&C and personal lines insurance.