Hub International To Acquire Horizon Insurance
Deal Creates New Regional Hub Operation in Manitoba
CHICAGO – September 14, 2011 - Hub International Limited (Hub) announced today that it has entered into a definitive agreement to acquire the operations of Horizon Insurance, LP. (Horizon), a full service insurance brokerage firm headquartered in Manitoba. The acquisition is expected to close in the third quarter of 2011 and is subject to customary closing conditions. Terms of the acquisition were not disclosed.
Horizon will become a new regional platform (hub) doing business as Hub International Horizon Insurance (Hub Horizon) through offices located in Manitoba. Keith Jordan, President, Brent Gilbert, Chief Operating Officer, Tony Cesario, Chief Sales Officer, Wendy Harrison, Chief Financial Officer and their staff will join Hub as part of this acquisition. "This was a tremendous opportunity to join an international brokerage firm" said Keith Jordan. “Joining the Hub team will provide enhanced opportunities for our staff, and we will continue our planned growth in Manitoba, Saskatchewan and Northwestern Ontario.”
Horizon is the largest independent insurance broker in the Province of Manitoba, offering a broad suite of insurance solutions to individuals and businesses through eighteen sales and service centres in Winnipeg, Brandon, Portage la Prairie, Whitemouth, Lac du Bonnet, and Pinawa. Twelve of these offices are branded as Horizon Insurance, and the other six operate as Ryan Gateway Insurance (which was acquired by Horizon in 2009). Insurance products and services offered through these entities include home, auto, business, farm, travel, health, life, employee benefits and private client services. Horizon arranges insurance programs for a wide variety of industries including property management, retail, wholesale, construction/bonding, professional services, industrial/manufacturing, group programs, hospitality, fleets/trucking, agriculture, life sciences and more.
This transaction represents a strategic opportunity for Hub to continue to expand its regional footprint in Canada and establish a regional operation in Manitoba. Horizon has grown significantly during the last five years, primarily through acquisitions. Founded over a century ago by the Aronovitch and Leipsic families,
Michael Leipsic and Peter Leipsic will continue on in their present roles with the company.
“This acquisition will establish a new Hub for us in Central Canada, which will give us the infrastructure to build out the Eastern Prairies across to Northwestern Ontario,” said Jim Barton, President of Hub’s Canadian operations. “The team at Horizon has done several acquisitions in the past and is ready to help further build out this footprint as we continue to build the Hub brand in Canada. This firm has roots in Manitoba going back 106 years and supports our reputation of having quality firms as part of the Hub family.”
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
Hub International Limited
Chief Financial Officer
Hub International Limited
Director, Mergers & Acquisitions