Hub Continues Canadian Employee Benefits Expansion with Purchase of TRG
Hub International Ltd., the Chicago-based insurance broker, announced that it has acquired the assets of TRG Group Benefits and Pensions Inc. (TRG) in Canada.
Terms of the transaction were not disclosed.
The acquisition continues Hub’s strategy to offer clients a complete employee benefits and pension solution across Canada and marks its 13th acquisition of a Canadian employee benefits and pension broker since 2018, Hub said in a statement.
Based in Vancouver, TRG is one of Canada’s leading employee benefits advisory firms with more than 400 years of combined advisory experience in the employee benefits industry, said Hub. Established in 1972, TRG customizes employee benefits, pension and retirement plans for businesses and not-for-profit organizations, helping them navigate through the complexities of today’s benefit programs and develop progressive, sustainable group benefits.
Many of TRG’s advisers are recognized experts, industry advocates and published authors, who frequently speak at symposiums, conferences and summits on the topic of employee benefits, Hub noted.
Rob Taylor, managing director of TRG, will be joining Hub as executive vice president, Employee Benefits, and will be a member of Hub TOS’s executive management team led by President & CEO Dave Terry.
“TRG provides cutting-edge employee benefits and pension solutions to clients,” said Mike Barone, president of Employee Benefits at Hub International. “Bringing in leading firms with an entrepreneurial spirit and new expertise to complement and strengthen our capabilities is critical for us to deliver highly differentiated benefit offerings to Hub’s more than 130,000 property & casualty customers across Canada.”
Since launching its initiative last year to expand its employee benefits Canadian solution, Hub has acquired 13 Canadian brokerages, increased fee revenue to more than $50 million, established seven new offices and created more than 100 jobs. With the goal to achieve more than $100 million in commission fees by 2021, Hub anticipates opening more than 10 additional new offices and creating at least 100 more jobs.
“Building Hub’s Canadian Employee Benefits and Pension capabilities has been and remains a central tenet in our strategy,” said Tina Osen, president of Hub International Canada. “We are committed to making investments that exceed our clients’ expectations for benefits to help them be more competitive in attracting and retaining talent with a comprehensive benefits solution.”
With 170 offices in Canada, Hub’s employee benefits Canadian solution includes voluntary benefits, health & performance, cost management consulting, group retirement services, employee communications, third party administration services, data analytics, and compliance & governance.
Additionally, Hub said it is continuing to seek firms and talent to round out its insurtech solutions, pension and retirement consulting, actuarial services for group insurance and retirement plans, and human resources and disability management.
Source: Hub International Ltd.