CHICAGO - (Business Wire) Hub International Limited (Hub) announced today that it has acquired Mones & Associates Insurance Brokers Inc. (Mones), one of the largest personal and commercial insurance brokers in Western and Northern Canada with approximately $10 million in annual revenue, from Aviva Canada Inc. (Aviva). Mones also operates under the name of Arctic Insurance Brokers Ltd in select markets. As a result of this acquisition, Hub will expand its operations to the following seven new locations in Canada: Edmonton, Calgary, Saskatoon, Prince Albert, Iqaluit, Whitehorse and Yellowknife. Terms of the acquisition were not disclosed. “This acquisition is a major step in our strategy to increase our presence in Western and Northern Canada,” said Jim Barton, President of Canada & Midwest Regions for Hub. Mones will become part of the Hub International Barton operation, based in Chilliwack, British Columbia.
“We are excited to welcome the Mones employees to our team,” said Barton. “Mones has developed a strong and loyal customer base by continually exceeding its clients’ expectations. Given their stellar reputation in the communities they serve, their strong commitment to customer service, and robust revenue growth over the years, they are an excellent fit for the Hub organization. We look forward to continuing to serve Mones’ clients and providing them with the value-added resources that Hub offers,” he said.
“As a strong supporter of the independent broker channel, Aviva acquired Mones in May of 2008 as a short-term solution until a suitable partner could be found,” stated Grant Miner, Senior Vice President, Western Canada for Aviva Canada. “Our existing relationship with Hub, combined with their exceptional track record in providing insurance services to Canadians, made it easy to identify them as the best partner possible for the Mones business,” he continued.
Randy Stafford, Chief Operating Officer of Mones, stated that “the Mones philosophy includes understanding our clients' businesses, striving to exceed their expectations, and emphasizing quality and integrity throughout our company. We are pleased to join Hub and look forward to expanding our presence in the communities we serve while continuing to build upon our commitment to excellent client service.”
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
Daniel Goldsmith, 312-279-4840
Chief Financial Officer
Daniel.Goldsmith@hubinternational.com
Clark Wormer, 312-279-4848
Director, Mergers & Acquisitions
Clark.Wormer@hubinternational.com
