Global insurance brokerage Hub International has announced its acquisition of Blackstone Insurance, Benefits & Bonding Inc., as part of its aggressive strategy to develop a complete employee benefits solution in Canada. Terms of the deal were not announced.
Blackstone Insurance is a commercial insurance and employee benefits brokerage firm based in Saskatoon, Saskatchewan, with an additional office in Regina.
Both Troy Shanks, vice president of the benefits division, and Tim Shanks, senior vice president of the commercial division, for Blackstone Insurance, will join Hub Manitoba reporting to Doug Trapp, vice president of Hub Manitoba.
In its announcement last month of its expansion plans, Hub saw a void in mid-market employee benefits in the country.
“While mid-sized companies currently have the option of working with a large brokerage for employee benefit solutions, it’s challenging for those brokers to provide the resources necessary to drive value to the mid-market clients,” said Tina Osen, president of Hub International Canada.
According to Hub International president of employee benefits Mike Barone, the firm is interested in companies that can that bring new expertise to complement its offerings to its customers in attracting and retaining their current and upcoming workforce.
