Hub Acquires Cross Border Wholesaler
NU Online News Service, Aug. 4, 10:25 a.m. EDT?Chicago-based insurance broker Hub International Ltd. has acquired Cross Border Underwriting Services Inc., a Toronto-based wholesale insurance brokerage firm.
Hub said CBUS would become part of The Wholesale Insurance Group Inc., a subsidiary of The Hub Group (Ontario) Inc., based in Toronto.
The company said the stock of CBUS, whose annual revenue is approximately $300,000, was purchased from KRG Insurance Brokers Inc. for an undisclosed amount of cash.
CBUS provides coverage placement and marketing solutions for retail insurance producers whose Canadian clients have operations in the United States and for U.S. clients with operations in Canada.
In a statement, Martin P. Hughes, Hub chairman and chief executive officer, said CBUS would add significant service capabilities for the firm.
"The enormous amount of commerce between the United States and Canada affords many middle-market companies in both countries opportunities to do cross-border business," Hughes said. "But there are some country-specific variations in the way coverage is arranged, and CBUS will strengthen our ability to help our retail producers bridge those differences for their clients."
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