The acquisition is part of Hub’s continued effort to bolster its ongoing employee benefits growth and services strategy in Canada

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Clearpoint acquired by Hub International. (Credit: Pete Linforth from Pixabay)

Hub International has acquired Canada-based Clearpoint Advisory Group, Clearpoint Retirement Solutions, and Canwest Group Benefits (collectively, Clearpoint) for an undisclosed price.

Headquartered in Edmonton, Alberta, Clearpoint is a benefits and retirement consulting company. It caters to employers with strategic group benefit advisory services and retirement solutions.

The company has additional locations in Grande Prairie and Fairview.

Clearpoint to be part of Hub Canada West

Hub International Canada West (Hub Canada West) president and CEO David Moon said: “Clearpoint is a great addition to our employee benefits and retirement team.

“Their experience and depth of expertise will complement our existing capabilities, expand our services and drive continued growth.”

Clearpoint’s principals Darren Smith, Jim Yih, Sid Swick will join Hub Canada West. The trio will report to Kevin Rome, who is Hub Canada West’s employee benefits president.

Darren Smith said: “Hub’s dedicated commitment to employee benefits and retirement solutions fits well with our mission.

“We are keen to help continue to grow the practice and to provide clients with genuinely unique and tailored services.”

According to Hub International, the acquisition of Clearpoint continues to strengthen its ongoing employee benefits growth and services strategy in Canada. The strategy has been implemented by the global insurance brokerage to grow its employee benefits and retirement solutions to address the challenges faced by its clients.

The employee benefits initiative was launched by the insurance brokerage in Canada in 2018. Since then, it had made multiple acquisitions, including that of British Columbia-based TRG Group Benefits and Pensions in January 2019.

As part of the strategy, Hub International set itself a goal to earn over $100m in commission fees by 2021. The insurance brokerage has also been looking to open more than 10 additional new offices and generate more than 100 jobs to support its initiative.

Last month, Hub International acquired the assets of Hollis Companies and The Employee Benefits Corporation (TEBC), which are employee benefits consulting firms located in Louisiana, US.