US company seeks to expand presence in group benefits space in Canada
Global insurance broker Hub International has expanded its Canadian presence with the acquisition of The Benefits Company (TBC). With headquarters in Windsor, Ontario, TBC is one of the leading benefits and retirement consultants in the province.
Hub’s business stretches beyond the life and health space into P&C insurance, investment and risk management, but the TBC deal is clearly a sign of its intentions in the group and retirement business.
The firm has embarked on an ambitious M&A program in recent years, with TBC just the latest name to come under its umbrella.
Addressing the deal, Greg Belton, executive chairman of Hub Ontario, explained how TBC is a good fit for the firm.
“TBC is located in Southwestern Ontario, where Hub established its early roots,” he said. ”We have a substantial property & casualty presence in this region and can now offer a more complete solution to our clients.”
Belton confirmed the TBC brand will remain in place, but with the added advantage of using Hub’s diverse network to expand its business in the region.
“TBC will now also have access to our North American footprint to better service their clients and grow their business by cross fertilizing with our P&C clients,”
In the group benefits space, a heated debate has materialized in recent months regarding compensation disclosure for advisors. Many brokers have taken issue with the insurance providers’ guideline plans, with a resolution still some way off. Belton confirmed it is a situation Hub is monitoring closely, especially now that TBC is part of its lineup.
TBC is the latest acquisition in a long line of deals by the brokerage, and according to Belton, it is likely there will be many more to come.
“As one of the world’s largest insurance brokers, HUB is constantly exploring companies that can add to our geographic footprint, bring top talent or provide a niche offering.”
