Insurance brokerage giant Hub International Ltd. says its Canadian life and financial services wholesale unit Hub Financial, Inc., has acquired TILCO Financial Services Ltd. of Victoria, B.C.

TILCO operations, which generated revenue of approximately US$415,000 in 2003, will report to Terri DiFlorio, president of Hub Financial. Terms of the cash deal were not disclosed.

TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and essentially all TILCO business is placed through Hub Financial on a wholesale basis. The acquisition increases Hub’s broker representatives and provides a platform for further expansion of Hub Financial’s wholesale brokerage operations on Vancouver Island.

“TILCO will solidify our distribution base on Vancouver Island and will create substantial opportunity for additional revenue growth,” DiFlorio said. “This transaction makes great sense for both parties, especially in light of the long and close working relationship between our organizations.”

“We welcome Tilly and the TILCO financial services
representatives to our family and look forward to a successful partnership with them,” he added.

“After many years of close partnership with Hub Financial, all of us look forward to working as an integral part of this solid organization,” Enriquez said. Enriquez will continue with the firm as its marketing director on Vancouver Island.”