Hub International To Build Best-In-Class Canadian Employee Benefits Platform - InsuranceNewsNet

InsuranceNewsNet

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading newswires
Topics
  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property & Casualty
  • Advisor News
  • Washington Wire
  • Fiduciary Rule
  • INN Exclusives
  • Newswires
  • INNsider
  • INN Exclusives
  • NewsWires
  • Magazine
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • ★ Regulation News
  • Podcast
  • Magazine
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Susbcribe

Get Social

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
Insider
newswires
newswires RSS Get our newsletter
Order Prints Share
July 9, 2018 newswires No comments Views: 16

Hub International To Build Best-In-Class Canadian Employee Benefits Platform

PR Newswire

Since January 2018, Hub Acquired Seven Canadian Employee Benefits Brokerages, Including Two Announced Today, with the Intent to Purchase Additional Firms to Reach $100M in Employee Benefits Commission and Fee Revenue by the Start of 2021

CHICAGO, July 9, 2018 /PRNewswire/ -- Hub International Limited (Hub), a leading global insurance brokerage, announced today its corporate strategy to aggressively assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete Employee Benefits solution.

Hub International Logo (PRNewsfoto/Hub International Limited)

"Hub recognized a mid-market employee benefits void in Canada. While mid-sized companies currently have the option of working with a large brokerage for employee benefit solutions, it's challenging for those brokers to provide the resources necessary to drive value to the mid-market clients," said Tina Osen, President of Hub International Canada. "Hub's shared service model enables our customers to retain a relationship with their local broker while gaining access to the tailored insurance solutions of a leading global brokerage."

Hub announced two new acquisitions today with the purchase of Optimum Group Benefits & Insurance Services Ltd. (Optimum) based in Coquitlam, British Columbia, and Wm. W. Hammond Insurance Agency Incorporated (Hammond) based in Leamington, Ontario, bringing Hub's total acquired 2018 employee benefits commission and fee revenue to nearly $20M.  Hub will seek additional capabilities and talent and plans to grow revenue in this division through acquisition and organic growth to $100M by the start of 2021.  Terms of today's acquisitions were not disclosed. 

"Hub is interested in firms that can bring a new expertise to complement our offerings to aid our customers in attracting and retaining their current and upcoming workforce," said Mike Barone, President of Employee Benefits at Hub International. "With a ready pipeline of more than 130,000 Property & Casualty customers, we are not in the business of merely acquiring revenue, but rather are seeking talent and firms who want to be a part of our strategy and share our customer-centric, entrepreneurial culture."

Hammond will join Hub Ontario and report to Gregory Belton, Executive Chairman for Hub's Wealth Management Employee Benefits and Hub Ontario. Optimum will join Hub TOS, reporting to Carol Mills, Chief Sales Officer of Hub TOS.

In addition to adding talent and capabilities via acquisition, Hub appointed Faizal Mitha as Chief Innovation Officer of Hub's Canadian Employee Benefits business. Mitha has worked for both major carriers and top employers as well as co-founded one of the fastest growing employee benefits Insure-tech companies in Canada. 

"My focus is on building a best-in-class employee benefits experience using cutting edge, scalable technology solutions such as ground-breaking artificial intelligence and machine learning that will drive the industry forward," said Mitha. "By creating national best practices through the talents of our exceptional current and prospective acquisition companies, we'll continue to provide distinct competitive advantages to our large number of Canadian Property & Casualty clients and their employees and our existing Employee Benefit clients."

With 170 offices in Canada, Hub's employee benefits Canadian solution includes Voluntary Benefits, Health & Performance, Cost Management Consulting, Group Retirement Services, Employee Communications, Third Party Administration Services, Data Analytics, and Compliance & Governance.  Combined, these services establish the most comprehensive, integrated benefit solution for mid-size companies in Canada.  Additionally, Hub continues to actively seek additional firms and talent to help round out its Insure-tech Solutions, Pension and Retirement Consulting, Actuarial Services for Group Insurance and Retirement Plans, and Human Resources and Disability Management.

About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.  For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited (Hub) is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. From offices located throughout North America, Hub's vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit hubinternational.com. 

CONTACT:
Media: Marni GordonPhone: 312-279-4601
[email protected]  
M&A: Clark WormerPhone: 312.279.4848
[email protected]

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/hub-international-to-build-best-in-class-canadian-employee-benefits-platform-300677143.html

SOURCE Hub International Limited

Older

Accenture Joins The Institutes RiskBlock™ Alliance as Lead Framework Architect to Expand Blockchain Use Within Insurance

Newer

Health Center Partners Appoints Healthcare Industry Veteran, Victoria Abrams, as Executive Vice President for Integrated Health Partners

Advisor News

  • Your Clients Should Plan Retirement Savings To Last 23 Years
  • Robert Moore Steps Down As CEO Of Cetera, Due To Health Reasons
  • Financial Advisor Fined In $1M Scam
  • Mercer Advisors Acquires Arbor Asset Management
  • M&A Market Likely To Cool Off, Survey Finds
More Advisor News

Annuity News

  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • Speak Out: NAIC Gets Plenty Of Advice On Annuity Sales Rule
  • Lincoln Financial Introduces Annuity Designed For Retirement Rollover Dollars
  • IRI Urges NAIC To Proceed Cooperatively With SEC On Suitability
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
More Annuity News

Health/Employee Benefits

  • Dems Grapple With ‘Socialism’ Label On Health Care
  • One-in-Five U.S. Rural Hospitals At Risk Of Closing: Study
  • Rising Awareness Regarding Health Insurance Policies To Drive The Market
  • Bill Expanding ‘Insure Oklahoma’ Program Passes Senate Committee
  • Sen. Brown Warns Against Government Insurance For All
More Health/Employee Benefits

Life Insurance

  • Northwestern Mutual Reports Strong 2018 Financial Results
  • Florida Police: Niece Steals $188,000, Life Insurance, From Aunt
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors
  • Accountant Allegedly Stole $2M From Firefighters’ Life Insurance Fund
Sponsor
More Life Insurance

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.
select Newsletter Options

Most Popular

  • Speak Out: NAIC Gets Plenty Of Advice On Annuity Sales Rule
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • Understanding The Benefits Of Whole Life Insurance
  • What If The Market Goes Up? Why An FIA Is Better Than Stocks

Featured Offers

Text Ads

Press ReleasesAll press releases

  • Nassau Re Launches Insurtech Incubator Will Give Space and Support to Startups in Hartford
  • Peerfit Prepares for Medicare Expansion with Peerfit Move, Recruits Industry Veteran
  • Great American’s Annuity Customers Share Their Secrets to a Great Retirement
  • Securian Financial Introduces Affordable, Protection-Focused IUL with No-Lapse Guarantee
  • TD Ameritrade Institutional Integrates with iPipeline to Automate New Account Opening
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty News
  • Advisor News
  • Washington Wire
  • Regulation

Top Sections

  • INN Exclusives
  • INN Insider

Our Company

  • About
  • Editorial Staff
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter Google+
© 2019 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.