An Ottawa-based boutique benefits provider has been acquired by a global insurance broker.
Chicago-based Hub International Ltd. announced last week it has acquired Ottawa’s ProCorp Financial. Terms of the deal were not disclosed.
ProCorp, founded in 2014, provides employee benefits and insurance coverage as well as retirement and estate planning. It will be absorbed by Hub, a firm with 11,000 employees across North America that provides a suite of insurance and benefits programs.
ProCorp president Hugh Doyle will remain with the firm after the acquisition, as will the rest of the company’s Ottawa-based employees. The firm would not disclose how many local employees worked at ProCorp before the acquisition.