Toronto-based Ontario Eastern Insurance Ltd. is back on the selling block after its deal with Hub Financial Inc. was scuppered.

HUB, the largest managing general agency in the country, had reached a deal in principal to buy Ontario Eastern, but the acquisition is off and Ontario Eastern is up for sale again.

As reported by Investment Executive last month, the acquisition was set to close on Nov. 30. Ontario Eastern, a relatively large MGA, was to have delivered between 300 and 400 advisors and their services fees to HUB, whose Canadian operations are based in Woodbridge, Ont.

David Juvet, who owns Ontario Eastern with his wife, chose not to comment. Juvet, who headed up the legal team at Aetna Life Insurance Co. of Canada before it was acquired by Maritime Life Assurance and, subsequently, by Manulife Financial Corp., had built Ontario Eastern on his own as a second career.

Previously a lawyer, Juvet is also a registered advisor for Partners in Planning Financial Services Ltd., the Regina-based mutual fund dealer.

Before HUB and Ontario Eastern entered their tentative deal, several MGAs had shown interest in Ontario Eastern.

Most of the major banks, as well as large integrated planning firms such as Toronto-based DundeeWealth Inc. and Mississauga-based Investment Planning Counsel, own their own MGAs. Toronto-based NewLink Group Inc., an industry consultancy, says more than 400 independent MGAs operate across the country, ranging from those with just 20 advisors under contract all the way up to HUB, which handles insurance contracts for about 3,000.

HUB, which has also offices in Alberta, British Columbia and Quebec is a subsidiary of HUB International Ltd., based in Chicago. Hub International, a private firm, provides property and casualty and life and health insurance and other services to the insurance industries in Canada and the U.S. through more than 200 offices.