Hub Financial – the life insurance and investment solutions division of Hub International in Canada – has acquired, through one of its affiliates, the nine entities that comprise BridgeForce Financial Group.
The other firms acquired as part of the deal include Achievex Financial Services, W.C.S Financial Services, W.C.S. Achievex, Allen Wong & Associates Agency Limited, BridgeForce Financial Group, Cinaber Financial, Ontario East Insurance Agency, and Joseph B. Woodyatt Insurance Agencies Limited.
The terms of the transaction were not disclosed.
According to a release, these BridgeForce firms are some of the largest Canadian-owned and operated MGAs, with a “broad value proposition that puts the advisor at the centre of everything they do.”
"We are thrilled to bring together the two largest independent MGAs in Canada," said Hub Financial president Andrew Fink. "These BridgeForce firms are well-respected MGAs with strong leadership. Their commitment to independence and providing innovative solutions to their advisors make them a perfect fit at Hub Financial.”
Fink added that Hub is excited to combine the best of both organizations, which will allow the teams to grow and strengthen their capabilities.
"Protecting the independence of our BridgeForce advisors was foremost in the partners' decision to join Hub Financial,” said BridgeForce co-presidents Mari-Jayne Woodyatt and Allen Wong in a joint statement. "Protecting the independence of our BridgeForce advisors was foremost in the partners' decision to join Hub Financial. We appreciate that Hub Financial recognizes and values the talent and experience that our staff brings to the Hub Financial team. Together, our organizations are the premier place for Canada's independent financial advisors.”
In another release, TruStone Financial and BridgeForce Financial Group have announced that they will separate following the deal. TruStone was formed after The Empire Life Insurance Company purchased six financial firms that operated as part of the BridgeForce group of companies, which amalgamated into an Empire Life subsidiary called TruStone.
In November, Hub International launched a new professional & executive risk (ProEx) specialty practice for North America. Hub ProEx is comprised of over a hundred specialists with executive liability, professional liability, tech/cyber, and transactional risk insurance placement capabilities, led by David Garrigus.
