Hub International Limited (Hub) has acquired GJJK in a deal that the acquirer’s team said will boost its cannabis insurance capabilities.
GJJK is an Ontario-based insurance brokerage that provides commercial and personal insurance, with specialism in the cannabis industry.
“This acquisition is yet another example of our commitment to a space that continues to be underserved by the insurance market,” said Jay Virdi, Hub chief sales officer, Cannabis Specialty Practice.
GJJK owner Fady Kamel and his team will join Hub Ontario.
“By adding additional expertise and experience to our practice group, Fady and his team will continue to propel Hub as the industry leader in risk management, insurance solutions, employee benefits, and financial wealth services for the cannabis industry,” Virdi said.
“We are excited to bring on Fady and the team to Hub,” said Susan Murphy, president and CEO of Hub Ontario. “They will help expand our specialty expertise in this vertical.”
Kamel, a former commercial underwriter who moved to the brokerage side of insurance in 2015, has previously hailed the huge potential of the cannabis insurance market.
Speaking to Insurance Business earlier this year, Kamel was confident of an impending global boom in demand.
“This is something that's going be here for years, and eventually, we’ll see other countries start to realize the benefits of cannabis,” Kamel said. “There's a big opportunity here; Canada is at the forefront of it, but I believe it's going to be a worldwide traded product.”
The GJJK purchase is the latest in a string of deals for acquirer Hub.
Last month, the major brokerage bought British Columbia based Golden Ears Insurance Services, a transportation, property, and auto specialist.
Other recent Hub acquisitions have included MGA BridgeForce and the group insurance activities of National Bank Insurance Firm (NBIF) in Edmonton, Alberta.
