Hub International acquires Calgary's HB Consultants

Chicago-based insurance brokerage Hub International continued the expansion of its Canadian benefits consulting practice with acquisition of HB Consultants.

Founded in 1999 and based in Calgary, HB Consultants is a boutique employee benefits consultancy and broker. The firm offers a full range of services in the area, including plan design, market analysis, administrative plan assistance, development of wellness programs, and benefits communications.

The HB team consists of Darrin Heise, president, and Elizabeth Harris, advisor, who together bring a combined 57 years of experience in the employee benefits industry.

The HB team will join Hub International Insurance Brokers, a division of Hub International Canada West. Terms of the transaction were not disclosed.

The move continues Hub’s Canadian expansion in the employee benefits and retirement solutions arena.

Earlier this year, the company acquired the benefits consulting practice of Morneau Shepell, a large Canadian HR consultancy, for $70 million. The deal added extensive capabilities in actuarial services, integrated data analytics, and organizational health consulting catering to large organizations.

Hub had aggressively expanded its Canadian employee benefits solution in the two previous years, acquiring 28 brokerages and growing the practice by more than 20 offices and over 400 staff. The firm’s benefits consultancy acquisitions in 2019 included Winnipeg-based  W.R. Carey, Saskatoon-based Regency Advisory Corporation, and Edmonton-based BenefitLink Resource Group.

Hub is the fifth-largest insurance broker in the world, with 12,000 employees across more than 475 offices in North America. The firm offers brokering and consulting in the areas of business insurance, employee benefits, personal insurance, and risk services.