Hub buys Vancouver financial services firm

The Canadian life and financial services branch of Hub International, Hub Financial Inc., says it will acquire Vancouver-based financial services firm TILCO. "TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and essentially all TILCO business is placed through Hub Financial on a wholesale basis, notes a Hub statement.Hub says the move will be a platform to increasing the Hub Financial operation, with TILCO bringing in revenue of US$415 million last year. Hub notes that Enriquez will remain at TILCO as marketing director."TILCO will solidify our distribution base on Vancouver Island and will create substantial opportunity for additional revenue growth," says Hub Financial president Terri DiFlorio. "This transaction makes great sense for both parties, especially in light of the long and close working relationship between our organizations."Terms of the cash deal were not disclosed.