November 8, 2019 by Jason Contant
Hub International has acquired another Canadian employee benefits firm as part of its continuing strategy to expand its offerings in this area, bringing the total number of acquired firms to about two dozen over the past two years.
So far this year, Chicago-based Hub has bought about a dozen Canadian employee benefits firms as well as several P&C brokerages.
In July 2018, the global brokerage announced its corporate strategy to develop a complete employee benefits and pension solution for Canada. At the beginning of this year, it said it had already acquired 13 Canadian firms and increased its fee revenue to more than $50 million, with the goal of achieving more than $100 million in commission fees by 2021.
“We definitely felt that in Canada, there was a void in terms of bringing large brokerage solutions to those mid-market businesses that we have in Canada,” Tina Osen, president of Hub International Canada, told Canadian Underwriter in January 2019 when discussing Hub’s employee benefits strategy. She was referring to companies with between 20 and 500 employees.
On Friday, Hub announced its latest deal when it acquired the assets of W.R. Carey Corporation, an independent employee benefits consulting firm based in Winnipeg. The firm offers a broad array of benefits programs, including benefits plan consulting and group retirement services. Actuary Bill Carey, along with all the employees of Carey Corp will join Hub Manitoba, Hub said in a press release.
“Carey Corp has an excellent and established reputation as an employee benefits consultant and broker, with over 30 years of experience,” said Keith Jordan, president and CEO of Hub Manitoba. “They will further expand our platform to deliver a best-in-class employee benefits service experience to our clients.”
On Nov. 4, Hub acquired R Bruce Inc., doing business as RBI Advisory Group. Located in Okotoks, Alta., RBI Advisory Group has provided strategic group benefit advisory services to employers and associations for nearly 20 years. Rick Achtymichuk, managing partner and owner of the firm, will join Hub International Insurance Brokers, a division of Hub Canada West.
Other recent acquisitions of employee benefits firms include Regency Advisory Corporation of Saskatoon on Oct. 2, and Ottawa-based ProCorp Financial on Oct. 4.