On Dec. 3, the Chicago-based insurance brokerage Hub International announced that its Canadian subsidiary Hub Financial had acquired the shares of MGA Partners. The terms of the acquisition were not disclosed.
MGA Partners has locations in Windsor, London, Ottawa and Font Hill, Ontario, as well as offices in Prince Edward Island and Halifax. In a press release announcing the acquisition, Hub said that all of the MGA sites will remain open. Hub says that MGA Partners’ president Peter Lamarche, vice president Patrick Kelly, as well as vice president and chief compliance officer Miklos Valsamas will join Hub Financial along with their staff and continue in their roles. The purchase means that Hub Financial will now have 16 locations and more than 200 employees across Canada.
“We are committed to supporting independent financial advisors and insurance brokers in operating their businesses in a fully self-governing manner,” says Hub Financial president Terri Botosan (formerly DiFlorio). “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.”