Hub International Limited, a global insurance brokerage, announced that its subsidiary Hub Financial Inc. has acquired the shares of MGA Partners Inc., an Ontario Canada-based managing general agency. Terms of the acquisition were not disclosed.
The acquisition broadens Hub’s footprint in Canada’s eastern provinces, and its reach to financial advisers and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their independence.
MGA has six locations in Windsor, London, Ottawa and Font Hill, Ontario, and offices in Prince Edward Island and Halifax. Each will remain in operation. With the acquisition, Hub Financial will operate 16 locations with more than 200 employees throughout Canada.
Peter B. Lamarche, president, MGA, Patrick Kelly, vice president, MGA, and Miklos Valsamas, vice president & chief compliance officer, MGA, will join Hub with their staff and continue in their roles.
“We are committed to supporting independent financial advisers and insurance brokers in operating their businesses in a fully self-governing manner,” noted Terri DiFlorio, president, Hub Financial. “We offer comprehensive support and a solid infrastructure to allow them to grow their practices. This same philosophy will carry over and continue with MGA’s brokers.”
About Hub Financial Services
Hub Financial Services develops customized insurance programs and risk management solutions for financial institutions’ independent advisers and brokers. Hub Financial said it serves more than 700 financial institution clients in the US and Canada, with solutions for lead lending risk management, executive line, optional payment protection debt and direct market loyalty and affinity programs.
Source: Hub International Limited
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