Posted on 09 Sep 2010
Hub International Limited (Hub), a leading insurance brokerage firm, announced today that it has acquired the shares of Sinclair Cockburn Financial Group (SCFG), a Toronto, Ontario-based insurance and financial services firm with approximately $11 million in annual revenues.
Under the terms of the acquisition, Hub acquired the Property & Casualty, Personal Insurance and Group/Life Insurance operations of SCFG but not SCFG’s mortgage and mutual fund business. Jim Aston, Kelly Sinclair, and Jim Grieve, SCFG's three majority shareholders, will all join Hub as part of this transaction. Jim Grieve, President of Sinclair Cockburn Financial Group will become part of Hub Ontario’s leadership team, reporting to Neil Morrison, President and Chief Executive Officer, HKMB Hub International Limited.
Established in Toronto in 1953, SCFG is a diversified insurance and financial services company with over 15,000 customers operating throughout Canada. In addition to its Toronto headquarters, SCFG also operates out of Pickering, Ontario. In 2009, SCFG was selected by the Insurance Brokers Association of Ontario as the Recipient of the Brokerage of the Year Award of Excellence. The brokerage specializes in a number of areas, most notably a professional liability unit focused on architects and engineers. Other practice areas include construction, surety, and national programs (horticulteral trades, dairies, non-profits and other retail programs). The personal insurance division includes a private client practice group.
“We are thrilled to join forces with the talented team at Sinclair Cockburn Financial Group,” said Neil Morrison, President and Chief Executive Officer, HKMB Hub International Limited. “Recognized as one of the top brokerages in the region last year, SCFG is an ideal fit for Hub, offering quality products and outstanding customer service, in line with what Hub provides to our existing clients.”
“The search for the ideal firm to address our growth and succession needs was a 3-year project.“ said Jim Grieve, President of Sinclair Cockburn Financial Group. “Selecting a partner with a track record of success and shared common values were important factors. Ultimately, we sought stability and opportunity for our staff and customers. Those considerations along with our trust and confidence in the senior management of HUB, made HUB the logical choice for us.”