Benefits & Pensions
HUB International acquires Morneau Shepell’s benefits consulting practice
By Talent Canada Staff
By Talent Canada Staff
Morneau Shepell has sold its benefits consulting practice to Hub International Limited, a Chicago-based global insurance broker.
“Hub has been bullish on its strategy to provide comprehensive end-to-end benefits services that address the challenges Canadian employers are facing to achieve their recruiting, retention and cost management goals,” said Tina Osen, president of Hub International Canada. “With Morneau Shepell’s benefits consulting practice, Hub will deliver highly differentiated services across all five lines of our business – property and casualty, employee benefits, retirement, risk services and personal lines — to clients large and small, in-country and cross border.”
Stephen Liptrap, president and CEO of Morneau Shepell, said the decision to sell that business was made after a comprehensive review.
“The benefits consulting business is a strong, profitable asset and a great fit for Hub. Hub is focused on the benefits consulting space, which makes it a perfect home for this business,” he said.
“The benefits consulting business is core for them, and in their hands has more potential upside and opportunity to grow.”
Morneau Shepell’s benefits consulting practice focuses on providing tailored benefits solutions to clients – mainly large organizations, as well as small to medium – including actuarial services, integrated data analytics across lines of benefit, organizational health consulting and financial analysis solutions.
By adding Morneau Shepell’s benefits consulting practice’s services, Hub expands its strategic benefits solutions adding actuarial services to its already established solutions: pharmacy plan design; total health strategies and services for physical, mental, organizational and financial wellness; retirement preparedness and plan design; benefits communications and design services; digital benefits platform solutions; and cross-border benefits consulting.
Hub’s growth strategy
Hub has more than 130,000 corporate clients in Canada. Since launching the initiative to expand its Canadian Employee Benefits solution in 2018, Hub has acquired 28 Canadian brokerages and has grown its Employee Benefits practice to more than 20 offices, over 400 staff and in excess of $100 million in revenue and $1.5 billion in premium.
“Hub’s investment in Morneau Shepell’s benefits consulting practice rounds out our capabilities in the large and jumbo employer market, while providing additional capabilities, ranging from association products to actuarial services, that can be scaled to small- and mid-market clients,” said Mike Barone, president of Employee Benefits at Hub. “This is in line with our number one goal to provide a best-in-class employee benefits experience to clients regardless of size.”