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Insurance broker Hub Financial has bought MGA Partners, an Ontario-based managing general agency.

Hub did not disclose the terms of the purchase, which broadens Hub’s footprint in the eastern provinces.

Read: Hub scoops up Daystar Financial

MGA has six sales locations. They’re in Windsor, London, Ottawa, and Fonthill, Ont.; Charlottetown, P.E.I.; and Halifax. Hub says all would remain in operation. MGA also has an administrative office in Gormley, and a Hub representative says, “Gormley has only one administrative employee there so we would not list it as a sales office.”

With the acquisition, Hub Financial will operate 16 locations with more than 200 employees throughout Canada (it excludes Gormley from this count). Peter B. Lamarche, MGA’s president, as well as VPs Patrick Kelly, and Miklos Valsamas, will join Hub with their staff.

Also read:

Shakeup at RBC WM, job losses expected

Mackenzie Investments hires PM

Originally published on Advisor.ca

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