US-based insurance brokerage Hub International has acquired Canada-based group retirement plan consulting firm Porchlight Financial for an undisclosed price.
Located in Vancouver, Porchlight Financial is engaged in helping employers and employees in getting better pension outcomes. The company’s specialisation is in group retirement plan member advisory services, retirement lifestyle, financial wellness programs, and income planning.
Hub International Canada West ULC president and CEO Dave Terry said: “With the addition of Porchlight Financial, Hub continues to create a robust Canadian benefits and pension solution for our clients.
“Their expertise will deepen Hub’s services to help clients create a more comprehensive benefits package in order to attract the talent they need and want.”
The acquisition of Porchlight Financial is also expected to further strengthen Hub’s growth in its Canadian employee benefits business. Apart from that, the acquisition also reinforces the company’s strategy to bring together the best capabilities and entrepreneurial talent across Canada to develop a comprehensive employee benefits and pension solution.
Porchlight Financial managing director Chris Forman said: “Hub is a first-class insurance brokerage firm, with a talented team of individuals equally committed to finding ways to continually improve the client experience in the employee benefits and retirement space.
“We look forward to collaborating with Hub to provide a full suite of benefit and retirement offerings to more than 130,000 Property & Casualty customers of Hub across Canada.”
Based in Chicago, Hub provides property and casualty, employee benefits, life and health, investment and risk management products and services, through more than 11,000 employees in offices located across North America.
Earlier this month, the company acquired Canadian insurance broker Cottenie and Gardner for an undisclosed price. Cottenie and Gardner, which is headquartered in Saskatchewan, provides personal and commercial insurance solutions such as government auto insurance and farming solutions.
In Saskatchewan, Hub acquired the assets of another insurance broker Kelliher Agencies last month. Kelliher Agencies offers personal, commercial, farm and specialty products insurance.
In another province in Canada, in Alberta, the company acquired the assets of Clarity Benefits Group last month. Clarity Benefits is a boutique style company that offers employee benefit plans, life insurance, and group retirement plans to large and small firms across Canada.