Hub International buys Saskatoon-based Regency Advisory Corporation
Chicago-based insurance brokerage Hub International has acquired Regency Advisory Corporation, a Saskatoon-based employee benefits consulting firm.
Hub International in 2018 began an aggressive acquisition strategy in Canada. By January 2019, the firm had acquired 13 Canadian brokerages, increased fee revenue by more than $50 million, established seven new offices, and created over 100 new jobs. Hub plans to achieve more than $100 million in commission fees by 2021 in Canada, while opening more than 10 new offices and creating at least 100 more jobs.
The company has 170+ offices in Canada, and has more than 130,000 property & casualty customers in the country. Hub has more than 11,000 employees and over 400 offices in North America, providing products and services in property & casualty, life & health, investment, risk management, and employee benefits.
Hub has continued its expansion in Canada throughout 2019, acquiring Clarity Benefits Group, BenefitLink Resource Group, and Berk Bilgen Insurance in Alberta, as well as Saskatchewan broker Cottenie & Gardener and BC-based retirement plan consultancy Porchlight Financial.
The Chicago-headquartered firm this month acquired Saskatoon’s Regency Advisory Corporation, an employee benefits consultancy. Founded in 2006, the firm delivers proprietary benefits solutions which strive to add value while being cost-sustainable. Regency manages over 500 group benefits clients in Western Canada, and works with more than 15 insurance carriers.
The move extends Hub’s continuing Canadian employee benefits growth and services strategy, which aims to deliver a complete employee benefits and pension solution across the country.
"We continue to build on our efforts to add talented organizations like Regency to boost our employee benefits and pension capabilities in Canada," said Keith Jordan, president and CEO of Hub International Manitoba Limited (Hub Manitoba). "Regency has been involved in many facets of employee benefits, and will be a great collaborator for innovation and drive client-centric services and solutions."
The transaction, for which the financial terms were not disclosed, will see Regency founders Darwin Forbes and Ian DeCorby join Hub Manitoba.
"We are joining Hub with our client's interests first," said Forbes. "With Hub, we will enhance their overall experience with an expansion of our available services and resources to continue to provide best-in-class employee benefits programs."
Hub also this month acquired Ottawa-based ProCorp Financial, a benefits and retirement consultancy specializing in estate planning; group benefits; and life, critical illness, and disability insurance.
