Hub acquires small, midsize brokerages in Canada
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Hub International Ltd. this week moved to expand its footprint in the Canadian insurance market by acquiring several small and midsize brokerages.
On Wednesday, Hub announced that it has acquired three Manitoba-based insurance brokers, including Nunavut Insurance Brokers Ltd. in Winnipeg, Ger-Win Enterprises Ltd. in Beausejour and St. Andrews Insurance Brokers Ltd. in Lockport.
Terms of Hub's purchases were not disclosed. All three companies will become part of Hub International Horizon Insurance, and will add five new offices to Hub Horizon's existing portfolio of locations in Manitoba, Nunavut and the Northern Territories provinces.
Hub this week also announced that it has hired former independent agent Lottie Chan as a vice president for its Toronto-based regional subsidiary, Hub International HKMB Ltd., and acquired her book of commercial and personal business.
Additionally, Hub on Tuesday announced it has acquired the assets of Beartooth Insurance Inc., based in Red Lodge, Mont., for its Mountain States subsidiary. Tom Kastelitz, president and owner of Beartooth, will join Hub Mountain as location manager in the Red Lodge office, reporting to Rene LeVeaux, the unit's president.
Hub is the 11th-largest broker of U.S. business, according to Business Insurance's latest ranking.
