Canadian commercial insurance broker HKMB International Insurance Brokers (HKMB) has agreed to join with Chicago-based Hub International Limited. HKMB will become a new regional platformand carry on business as HKMB Hub International from its existing offices in Toronto, Ontario, according to the announcement.
HUb International reports that upon completion of the transaction, scheduled to occur in early January, 2008, HUB’s combined Ontario operations will generate more than $100 million in total annualized revenue and total Canadian premium volume will be exceed $2.1 billion. HUB’s existing regional hub in Ontario, Hub International Ontario, will continue to be led by Dennis Pauls.
HKMB’s existing ownership group will continue as equity partners in the combined firm. HKMB International employs approximately 240 people.
HKMB’s practice areas include owner-managed firms, automotive dealerships, not-for-profit and charitable organizations, construction and engineering firms, food services providers, franchisors, technology firms, hospitality providers, houses of worship, leasing and lending institutions, life sciences/bio-tech firms, long term care facilities, private equity investors, investment dealers, governmental institutions, real estate developers, transportation firms and sports and entertainment.
Completion of the transaction is subject to the usual closing conditions. Terms of the transaction were not disclosed.
Source: Hub International Limited
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