US-based insurance brokerage company Hub International through its subsidiary has acquired Canada-based managing general agency, MGA Partners.
Terms of the transaction have not been disclosed. Hub will operate in 16 locations throughout the country, with the acquisition.
The acquisition is said to expand Hub’s operations in Canadian eastern provinces, and its availability to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions.
Hub Financial president Terri DiFlorio said: "We are committed to supporting independent financial advisors and insurance brokers in operating their businesses in a fully self-governing manner.
"We offer comprehensive support and a solid infrastructure to allow them to grow their practices. This same philosophy will carry over and continue with MGA’s brokers."
With six locations in Windsor, London, Ottawa and Font Hill, MGA also has offices in Prince Edward Island and Halifax and each will remain in operation.
MGA president Peter B. Lamarche, vice-president Patrick Kelly and chief compliance officer and vice-president Miklos Valsamas will join Hub, along with their staff, and continue in their roles.