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HUB International buys Morneau Shepell's benefits consulting business for $70M

TORONTO — Insurance brokerage HUB International Ltd. has signed a deal to acquire Morneau Shepell Inc.'s benefits consulting practice. Morneau Shepell says Hub paid $70 million for the business.

TORONTO — Insurance brokerage HUB International Ltd. has signed a deal to acquire Morneau Shepell Inc.'s benefits consulting practice.

Morneau Shepell says Hub paid $70 million for the business. 

Chief executive Stephen Liptrap says Morneau Shepell made the decision to sell the business after a comprehensive review.

He says the benefits consulting business is a strong, profitable asset and a great fit for Hub.

JP Girard, Morneau Shepell's health and benefits consulting Canadian practice leader, has joined Hub as an executive vice-president.

Chicago-based Hub is a global insurance broker that provides property and casualty insurance, health and life insurance, employee benefits, investment and risk management products and services.

This report by The Canadian Press was first published March 2, 2020.

Companies in this story: (TSX:MSI)

 

 

The Canadian Press