Chicago-based global insurance broker Hub International Ltd. has acquired the Canadian unit of insurance broker Integro Ltd. Terms of the acquisition were not disclosed.
Integro Canada is a commercial property/casualty brokerage with offices in British Columbia, Ontario and Quebec, specializing in complex risks including construction, transportation, professional services, manufacturing, real estate, entertainment, mining and financial services.
Private equity firm Odyssey Investment Partners acquired Integro Ltd. in 2015.
The New York-based Integro, which was was founded in 2005, has other offices in the U.S., the United Kingdom and Bermuda. Overall the broker handles about $1.86 billion in premium annually.
Hub’s acquisition announcement said that key leadership and staff from Integro Canada will be joining the Hub team. They include Mark Rankin, president, based in Toronto; Robert Dunn, chairman, based in Montreal, and Michael Baddeley, managing principal, based in Vancouver.
Hub Chairman and CEO Martin P. Hughes described this is as a “significant deal for Hub” as it expands Hub’s focus on large account business in Canada.
In a statement, Integro Ltd. said the deal will allow Integro to “redeploy resources to invest in strategic areas of our business.”
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