Chicago-based Hub International Limited announced that it has acquired the shares of Huestis Commercial Insurance Ltd. (HCIL), a Saint John, New Brunswick, Canada-based insurance brokerage firm.
Terms of the acquisition were not disclosed.
Hub’s bulletin explained that “HCIL, which operates from three locations throughout New Brunswick and Nova Scotia, represents Hub’s first acquisition in the Atlantic Provinces. The HCIL operation will be the platform for the newly formed Hub Atlantic. Paul Huestis will continue as the President of this operation and will report to Jim Barton, President, Canadian region.”
Barton indicated that the “acquisition establishes a new Hub for us in the Atlantic Provinces and gives us the infrastructure to expand our presence in Atlantic Canada. The team at HCIL knows their local marketplace and is ready to support our growth as we build the Hub brand across Canada.”
Source: Hub International
Topics Mergers & Acquisitions Agencies Commercial Lines Business Insurance Canada
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