Canadian Underwriter

Montreal commercial brokerage acquired by Hub International

May 13, 2020   by Greg Meckbach

Office workstation top view with businesspeople working around M&A

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Hub International Limited announced Wednesday it has acquired Vestas Financial Services Firm Inc., a Montreal property and casualty brokerage whose target markets include architects and engineers.

Chicago-based Hub, which was formed in 1998 through the merger of 11 Canadian brokerages, placed fifth worldwide on A.M. Best Company Inc.’s list of brokerages ranked by 2018 revenue.

The terms of the Vestas deal were not disclosed. In addition to commercial insurance for architects and engineers, Vestas also places commercial property, liability, builder’s risk, cargo, cyber and directors’ and officers’ liability. Vestas also places homeowners, personal auto and insurance for works of art.

Vestas president Phillipe Monette and two senior vice presidents, Martin Brodeur and Patrice Gravel, will join Hub International Quebec.

Other Canadian companies owned by Hub include HKMB Hub and Totten Group, as well as online brokerage Insurance Hunter.

Last fall, Hub acquired three Canadian firms: Regency Advisory Corporation, ProCorp Financial Inc., and PDF Financial Group.


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