US-based insurance brokerage Hub International has acquired the assets of Canada-based TRG Group Benefits and Pensions (TRG) for an undisclosed price.
TRG is an employee benefits advisory firm that provides employee benefits, pension and retirement plans for businesses and not-for-profit organizations.
Headquartered in Vancouver, the company is said to have more than 400 years of combined advisory experience in the employee benefits sector. The Canadian employee benefits advisory firm is said to help businesses navigate through the complexities of benefit programs and develop progressive, sustainable group benefits.
According to Hub, several TRG’s advisors are recognized experts, industry advocates and published authors, who are frequent speakers at symposiums, summits and conferences on the subject of employee benefits.
TRG’s managing director Rob Taylor will join Hub in the role of an executive vice president in the latter’s employee benefits division.
Hub International employee benefits president Mike Barone said: “TRG provides cutting-edge employee benefits and pension solutions to clients.
“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.”
Hub has acquired 13 Canadian brokerages ever since it launched an initiative last year to grow its employee benefits solution in Canada. The insurance brokerage had set up new offices and created over 100 jobs while increasing its fee revenue to over $50m.
The firm is targeting commission fees of more than $100m by 2021 and expects to open 10 more new offices and create at least another 100 jobs.
Hub International Canada president Tina Osen said: “Building Hub’s Canadian Employee Benefits and Pension capabilities has been and remains a central tenet in our strategy.
“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.”
In December 2018, Hub acquired the assets of US-based Apex Insurance Benefits for an undisclosed amount. Based in Idaho, Apex Insurance Benefits is an employee benefits consulting company that focuses on employee benefits, group health, individual health, and senior health products.
In October 2018, Hub secured a minority investment from Canadian investment firm Altas Partners, giving the insurance brokerage firm a total enterprise value of over $10bn.