BROKER network giant Hub International has made a significant commercial push with the acquisition of the Canadian arm of specialty brokerage Integro.
Integro offers commercial insurance to the construction, transportation, manufacturing, real estate, mining and financial service industries.
It also offers risk management services.
Hub Canada president Tina Osen said Integro’s experience in large and complicated risks brings a new dimension to Hub’s position in the Canadian market.
“We are already recognized as a leader in Canada and with this expansion we broaden our geographic reach and our ability to upscale our presence in the larger risk management sector across the entire country,” Ms. Olsen said.
Integro president Mark Rankin, based in Toronto, chairman Robert Dunn from Montreal and Michael Baddeley, managing principal based in Vancouver, will all join the Hub team.
Mr. Rankin said joining forces with Hub would increase the Integro team’s resources.
“That will position us to be able to provide our clients with enhanced services and capabilities,” he said.
Hub chairman and ceo Martin Hughes said Hub is focused on working with like-minded organizations, and Integro Canada’s commitment to culture, mission and expertise is parallel to Hub’s.
“This is a significant deal for Hub as it also expands our focus on large account business in Canada,” said Mr. Hughes.
Integro was founded in 2005 and is headquartered in New York. It began its operations with $320m in capital. By 2006 it generated $45m of revenue and in 2007 it achieved organic revenue growth rate of 110%. It has offices in the U.K., the U.S. and in B.C., Ontario and Quebec. It is now operating as a subsidiary of Hub in Canada and the Integro name will be retired here at the end of the year.