Chicago-based Hub International Ltd. has acquired the shares of Concord, Ont.-based managing general agency (MGA) Independent Financial Concepts Group Ltd. (IFCG), the two organizations announced on Tuesday.
Terms of the acquisition were not disclosed.
IFCG was founded in 1999 and is led by president and CEO Gary Mandel.
With more than 20 advisors, the MGA’s featured insurance services include life, critical illness, long-term care and mortgage. IFCG also provides health and dental benefits and personal financial services.
“The addition of IFCG is an exceptional opportunity for Hub to expand our broker network and enables us to continue providing financial advisors and insurance brokers seeking multi-fund insurance and risk solutions with additional world-class services and access to new markets. It’s a win for everyone, says Terri Botosan, president of Hub Financial Inc., a Canadian subsidiary of Hub International, in a statement.
Adds Mandel, in a statement: “At IFCG, we continually strive to be at the leading edge of the insurance market for our advisors and clients. Joining Hub enables our brokers to receive the most current information to their clients to maintain our high standards that has built our solid reputation.”