Hub International has acquired a Saskatchewan-based farm insurance brokerage and parametric solutions company, Global Ag Risk Solutions.
The insurance brokerage and financial services firm is a managing general agent for Aviva Canada. The farm brokerage started in 2009 and is headquartered in Moose Jaw, Sask., where it provides full-service farm solutions, including parametric insurance and weather modelling technology to help clients protect the cost of crops and their profit.
The firm markets its Production Cost insurance product, a risk management approach that protects a farmers’ direct input costs and top-line.
“The result is the ability to completely fix the risk a farmer faces before the season is even underway, giving farmers a new level of confidence to chase better yields and pre-sell an even greater portion of their crop when prices are high,” Hub’s website reads.
Hub says the deal is part of its strategy to grow organically and through acquisitions. “Their focus on the agribusiness and farm industry supports Hub’s specialty practices by complementing and strengthening its existing capabilities.”
Global Ag Risk Solutions’ executive team and staff will join Hub’s Prairies office.
“We are excited to welcome the Global Ag Risk Solutions team to Hub,” said Ryan Matthews, president of Hub Prairies. “They will elevate our expertise and offerings in the region, providing clients with the support they look for as they go into each farming season.
Hub has been strengthening its agribusiness vertical lately. The brokerage announced its appointment of Marc Chouinard as its national Canada practice leader for its specialty agribusiness solutions. Apart from his responsibilities in the agricultural line, he also oversees business in the food and forestry industry sectors.
Feature image by iStock.com/mysticenergy
