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Member, Beacon International Group, Ltd.
CHICAGO--Canadian broker HKMB International Insurance Brokers will become part of Chicago-based Hub International Ltd. under a definitive agreement reached by the brokers, Hub said Wednesday.
Upon completion of the deal, which is expected early next year, HKMB will become a new regional platform for Hub and operate as HKMB Hub International from its existing offices in Toronto, Hub said. HKMB's Vancouver, British Columbia, office will be consolidated into Hub International TOS.
Hub's existing regional hub in Ontario, Toronto-based Hub International Ontario, will continue under the leadership of Dennis Pauls and run as a separate operation, Hub said.
Combined, Hub's Ontario operations will generate more than $100 million in total annualized revenue, Hub said.
Founded in 1888, HKMB provides a full spectrum of commercial insurance and related services, including risk management advice and group benefits to a diversified customer base. It employs approximately 240 people.
Terms of the transaction were not disclosed.
Based on its U.S. business, Hub ranked as the 13th largest broker in Business Insurance's most recent rankings, with $391.8 million in 2006 brokerage revenues. Gross revenues in 2006 totaled $543.9 million (BI, July 16).