Hub Financial acquires Ontario MGA

Hub Financial Inc., a subsidiary of brokerage Hub International, has acquired the shares of MGA Partners Inc.. an Ontario-based managing general agency. Terms of the acquisition were not disclosed. 

“The acquisition broadens Hub’s footprint in Canada’s eastern provinces, and its reach to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their independence,” Hub said in a statement Wednesday.

MGA has six locations in Windsor, London, Ottawa and Font Hill, as well as offices in Prince Edward Island and Halifax. Each will remain in operation.

With the acquisition, Hub Financial will operate 16 locations with more than 200 employees throughout Canada. Peter B. Lamarche, president of MGA, Patrick Kelly, vice president of MGA, and Miklos Valsamas, vice president and chief compliance officer at MGA, will join Hub with their staff and continue in their roles.

“We are committed to supporting independent financial advisors and insurance brokers in operating their businesses in a fully self-governing manner,” Terri DiFlorio, president of Hub Financial said in the announcement.

“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.”