Global insurance brokerage Hub International Ltd. said Wednesday 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 Chicago-based Hub International’s footprint in Canada’s eastern provinces.
MGA Partners has six locations in Windsor, London, Ottawa and Font Hill, Ont., 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.
Three MGA Partners senior officers, Peter Lamarche, president, Patrick Kelly, vice president, and Miklos Valsamas, vice president & chief compliance officer will join Hub with their staff and continue in their roles.
“We are committed to supporting independent financial advisors 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.”