Hub International Limited, a portfolio company of Apax Partners and Morgan Stanley Principal Investments, through its subsidiary Hub Financial Inc. has acquired Richmond, BC based Complete Brokerage Services, Inc., a life insurance managing general agency (MGA) firm. Financial terms were not disclosed.
Complete Brokerage Services’ principals, Tony Bosch and Chris DiSalle, will join Hub Financial, reporting to Terri DiFlorio, President of Hub Financial.
Complete Brokerage Services specializes in the development of independent life insurance and financial planning strategies. It operates out of offices in Richmond, Burnaby, and Vancouver.
“This is an exciting time for our operation as Hub Financial and CBS create a powerful force that will allow both organizations to continue to grow and provide exceptional service and training to our brokers,” said Terri DiFlorio, President of Hub Financial. “CBS has developed and executes The Masterworks Training Series and Compass Platform, both tools that assist the independent broker with practice management and sales strategies. They have a proven track record and we are confident that our brokers will see value immediately from these offerings.”
“We have successfully partnered with Hub Financial since our inception in January of 2000,” said Tony Bosch, President, CBS and now Executive Vice President, Broker Development for HUB Financial “We recognized their unparalleled expertise in providing a robust MGA platform in the insurance business and decided that outsourcing our back office would allow us to focus 100% on recruiting and training in order to grow our business organically. This single marketing driven focus gave us the opportunity to develop and deliver our Masterworks Training Series, as well as our Compass Platform from which our growth has emanated.”
HUB International is a leading global insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services.
In June 2007, Apax Partners along with Morgan Stanley Principal Investments acquired HUB International Limited (formerly NYSE/TSX: HBG) at US $41.50 per share for $1.9 billion including assumption of $145 million debt.