Hub Financial Inc., a subsidiary of Chicago-headquartered Hub International Ltd., has acquired BridgeForce Financial Group Inc. in Ontario, the firm announced on Thursday.
The acquired BridgeForce managing general agencies (MGAs) are:
- Achievex Financial Services Inc.
- WCS Financial Services Inc.
- WCS Achievex Inc.
- Allen Wong & Associates Agency Ltd.
- BridgeForce Financial Group Inc.
- Cinaber Financial Inc.
- Ontario East Insurance Agency Ltd.
- Joseph B. Woodyatt Insurance Agencies Ltd.
“We are thrilled to bring together the two largest independent MGAs in Canada,” Andrew Fink, president of Hub Financial, said in a release. The BridgeForce firms’ “commitment to independence and providing innovative solutions to their advisors make them a perfect fit at Hub Financial.”
Mari-Jayne Woodyatt and Allen Wong, co-presidents of BridgeForce, said in a joint statement that protecting the independence of Bridgeforce advisors was “foremost” in the decision to join Hub.
Hub Financial combines sales training and coaching with back-office support and technology, and has 15 offices across Canada.
In a separate release, TruStone Financial Inc., an amalgamation of a group of BridgeForce companies acquired in 2022 by Empire Life Insurance Co. that continued to work under the BridgeForce banner, said it would officially separate from BridgeForce.
Compliance, training and other services previously shared with BridgeForce will now be provided directly by TruStone to its advisors, and its rewards program will continue, the release said.