Hub International Limited announced that it has entered into a definitive agreement to acquire the operations of Horizon Insurance, LP. , a full service insurance brokerage firm headquartered in Manitoba. The acquisition is expected to close in the third quarter of 2011 and is subject to customary closing conditions. Terms of the acquisition were not disclosed.
Hub said Horizon will “become a new regional platform”, doing business as Hub International Horizon Insurance through offices located in Manitoba. “Keith Jordan, President, Brent Gilbert, Chief Operating Officer, Tony Cesario, Chief Sales Officer, Wendy Harrison, Chief Financial Officer and their staff will join Hub as part of this acquisition.” Jordan described the tie up with Hub as a “tremendous opportunity to join an international brokerage firm,” adding that it would “provide enhanced opportunities for our staff, and we will continue our planned growth in Manitoba, Saskatchewan and Northwestern Ontario.’
The bulletin noted that Horizon is the “largest independent insurance broker in the Province of Manitoba, offering a broad suite of insurance solutions to individuals and businesses through eighteen sales and service centers in Winnipeg, Brandon, Portage la Prairie, Whitemouth, Lac du Bonnet, and Pinawa. Twelve of these offices are branded as Horizon Insurance, and the other six operate as Ryan Gateway Insurance (which was acquired by Horizon in 2009).
“Insurance products and services offered through these entities include home, auto, business, farm, travel, health, life, employee benefits and private client services. Horizon arranges insurance programs for a wide variety of industries including property management, retail, wholesale, construction/bonding, professional services, industrial/manufacturing, group programs, hospitality, fleets/trucking, agriculture, life sciences and more.”
Hub also noted that the acquisition “represents a strategic opportunity” for continued expansion of its “regional footprint in Canada,” and is an opportunity to “establish a regional operation in Manitoba. Horizon has grown significantly during the last five years, primarily through acquisitions. Founded over a century ago by the Aronovitch and Leipsic families, Michael Leipsic and Peter Leipsic will continue on in their present roles with the company.”
Jim Barton, President of Hub’s Canadian operations described the Horizon deal as enabling the broker to “establish a new hub for us in Central Canada, which will give us the infrastructure to build out the Eastern Prairies across to Northwestern Ontario. The team at Horizon has done several acquisitions in the past and is ready to help further build out this footprint as we continue to build the Hub brand in Canada. This firm has roots in Manitoba going back 106 years and supports our reputation of having quality firms as part of the Hub family.’
Source: Hub International
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