Ottawa’s Access Insurance acquired by Chicago firm

Insurance

A U.S. insurance giant is expanding its presence in Canada’s capital through the acquisition of a local firm.

Chicago-based Hub International says it’s purchasing Ottawa’s Access Insurance. Hub has some 11,000 employees and 450 offices – including a Nepean location specializing in financial and employee benefit services on Colonnade Road – across North America.

Financial terms of the transaction were not disclosed. Access Insurance co-owners Rico Saleh and Daniel Cernea will join Hub, the U.S. firm says.

Hub, which says it’s the seventh-largest insurance broker in the world, was founded 20 years ago through the merger of 11 Canadian brokerages. Over the past two decades, it’s grown through a string of acquisitions and, more recently, purchased insurance firms in Saskatoon and Wallaceburg, Ont., this summer.

Locally, the transaction marks at least the second acquisition of an independent insurance firm in less than a month.

In August, Arthur J. Gallagher & Co. said it had bought Ottawa’s Leystone Insurance & Financial.