Chicago-based Hub International Limited announced that one of its subsidiaries has entered into a definitive agreement to acquire all of the stock of Totten Insurance Group Inc., 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,” said the announcement. Totten was formed in 2002, and operates both in the Canadian and international markets.
The Group’s President and CEO H. Ross Totten said the alignment with HUB would give his firm the chance to “explore more opportunities in the wholesale intermediary field.” He also indicated that the additional resources Hub could provide, “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.”
Hub said its current Canadian wholesale operations – Hub International Ontario Limited (HUB Ontario), The Wholesale Insurance Group and Cross Border Underwriting Services Inc. – would “merge with the newly acquired entity, and moving forward, the combined business will operate as Totten Insurance Group.”
H. Ross Totten will become the president and CEO of the combined group. “The amalgamation will result in a $58 million in premium wholesale operation with offices located in Brampton, Moncton, Mississauga, Winnipeg and London, Ontario,” the bulletin continued. “The staff of approximately 75, including all operations, will remain in place.”
Dennis Pauls, president and CEO of HUB Ontario noted the “significantly different focus” of the wholesale operation from “a retail property and casualty brokerage.” He explained that “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, which is scheduled for the third quarter of 2007, is subject to approvals and other “customary closing conditions.”
Source: Hub International – http://www.hubinternational.com
Topics Mergers & Acquisitions Canada
Was this article valuable?
Here are more articles you may enjoy.
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M 
How California’s Huge Raises for Fast-Food Workers Will Ripple Across Industries 
