Sep 14, 2011 – Hub International announces acquisition of Horizon Insurance LP

Hub International Limited announces
Acquisition of Horizon Insurance, LP
Chicago – Sep 14, 2011 – Hub International Limited (Hub) announced today that it has
entered into a definitive agreement to acquire the operations of Horizon Insurance, LP.
(Horizon), a full service insurance brokerage firm headquartered in Manitoba. The
acquisition is expected to close in the third quarter of 2011 and is subject to customary
closing conditions. Terms of the acquisition were not disclosed.
Horizon will become a new regional platform (hub) doing business as Hub International
Horizon Insurance (Hub Horizon) through offices located in Manitoba. Keith Jordan,
President, Brent Gilbert, Chief Operating Officer, Tony Cesario, Chief Sales Officer,
Wendy Harrison, Chief Financial Officer and their staff will join Hub as part of this
acquisition. “This was a tremendous opportunity to join an international brokerage firm”
said Keith Jordan. “Joining the Hub team will provide enhanced opportunities for our
staff, and we will continue our planned growth in Manitoba, Saskatchewan and
Northwestern Ontario.”
Horizon is the largest independent insurance broker in the Province of Manitoba, offering
a broad suite of insurance solutions to individuals and businesses through eighteen sales
and service centres in Winnipeg, Brandon, Portage la Prairie, Whitemouth, Lac du
Bonnet, and Pinawa. Twelve of these offices are branded as Horizon Insurance, and the
other six operate as Ryan Gateway Insurance (which was acquired by Horizon in 2009).
Insurance products and services offered through these entities include home, auto,
business, farm, travel, health, life, employee benefits and private client services. Horizon
arranges insurance programs for a wide variety of industries including property
management, retail, wholesale, construction/bonding, professional services,
industrial/manufacturing, group programs, hospitality, fleets/trucking, agriculture, life
sciences and more.
This transaction represents a strategic opportunity for Hub to continue to expand its
regional footprint in Canada and establish a regional operation in Manitoba. Horizon has
grown significantly during the last five years, primarily through acquisitions. Founded
over a century ago by the Aronovitch and Leipsic families, Michael Leipsic and Peter
Leipsic will continue on in their present roles with the company.
“This acquisition will establish a new Hub for us in Central Canada, which will give us
the infrastructure to build out the Eastern Prairies across to Northwestern Ontario,” said
Jim Barton, President of Hub’s Canadian operations. “The team at Horizon has done
several acquisitions in the past and is ready to help further build out this footprint as we
continue to build the Hub brand in Canada. This firm has roots in Manitoba going back
106 years and supports our reputation of having quality firms as part of the Hub family.”
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.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Hub
International on the deal.