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Hub acquires Canadian brokerage Mones & Associates

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CHICAGO—Hub International Ltd. said it has acquired Canadian brokerage Mones & Associates Insurance Brokers Inc. from Aviva Canada Inc. for an undisclosed sum.

Mones, which also operates as Arctic Insurance Brokers Ltd. in select markets, will become part of Hub International Barton based in Chilliwack, British Columbia, Hub said Monday.

Mones will add about $10 million in annual revenue for Hub and expand Hub’s reach in Canada to Edmonton, Calgary, Saskatoon, Prince Albert, Iqaluit, Whitehorse and Yellowknife, the Chicago-based broker said.

According to Business Insurance’s annual rankings, Hub is the ninth-largest broker of U.S. business with $537.6 million in 2008 brokerage revenues. Combining its Canadian operations, Hub generated $762.2 million in gross revenues in 2008.