A Canadian broker is merging with Hub International Ltd. and expanding the broker's presence in Ontario.
Chicago-based broker Hub International and HKMB International Insurance Brokers in Toronto, Canada announced a definitive agreement last week to join their operations. HKMB will become a new regional platform for Hub and be renamed HKMB Hub International, working from its existing offices.
The firm's existing ownership group will continue as equity partners in the combined firm. Additional terms of the deal were not released.
Founded in 1888, HKMB is a Canadian commercial insurance brokerage firm offering a full spectrum of insurance and related services, including risk management advice, property-casualty, group benefits and personal lines. HKMB employs approximately 240 people. Its Vancouver office will be consolidated into HUB International TOS.
The merger is expected to be completed by early next year and the combined Ontario operations will generate more than $100 million in total annualized revenue and total Canadian premium volume will exceed $2.1 billion. HUB's existing regional hub in Ontario, Hub International Ontario, will continue to be led by Dennis Pauls.
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