Insurance brokerage firm Hub International Ltd. has announced that it has acquired the insurance business of Toronto’s Sinclair Cockburn Financial Group.

Under the terms of the deal, Hub will acquire the property & casualty, personal insurance and group/life insurance operations of SCFG, but not its mortgage and mutual fund businesses.

SCFG’s three majority shareholders, Jim Aston, Kelly Sinclair, and Jim Grieve, will all join Hub as part of the transaction. Grieve, president of SCFG, will become part of Hub Ontario’s leadership team, reporting to Neil Morrison, president and CEO, HKMB Hub International Ltd.

Established in 1953, SCFG has approximately $11 million in annual revenues, and 15,000 customers. It specializes in a number of areas, including a professional liability unit focused on architects and engineers. Other practice areas include construction, surety, and national programs (horticultural trades, dairies, non-profits and other retail programs).

“The search for the ideal firm to address our growth and succession needs was a three-year project,” said Grieve. “Selecting a partner with a track record of success and shared common values were important factors. Ultimately, we sought stability and opportunity for our staff and customers. Those considerations along with our trust and confidence in the senior management of Hub, made Hub the logical choice for us.”

“We are thrilled to join forces with the talented team at Sinclair Cockburn Financial Group,” said Morrison. “Recognized as one of the top brokerages in the region last year, SCFG is an ideal fit for Hub, offering quality products and outstanding customer service, in line with what Hub provides to our existing clients.”

IE