By: Luke Jones, Published on March 5, 2018 07:02 AM, Last Update on March 5, 2018 04:03 AM
An Ontario-based insurance company has been acquired by an international brokerage, it was announced today. Hub International a brokerage based in Chicago that has carried out a number of acquisitions so far this year. In the latest move, the company has bought shares in Kitchener-based GMS Insurance.
GMS works as an independent benefit consulting firm in the Southwestern Ontario region, including the Greater Toronto Area (GTA). Neither company revealed the specifics of the deal, but Hub said GMS will be folded into its Ontario division. GMS will continue to focus on employee benefit needs and provide specialist consultants in different markets for retirees.
Jonathan Shantz, president of GMS will report to Greg Belton, executive chairman of HUB in Ontario. Hub International has pursued several M&A movements in 2018, and said it is attempting to grow naturally and expand its markets through acquisitions. This was reflected in an interview with Insurance Business Canada last year, where Bolton said the company would be aggressive in M&A movements this year.
“We want partners who are keen to grow for their clients and for their employees – and be part of something bigger. We’re not looking for the person who’s just looking to cash out,” Belton added.