Hub acquires CBUS for undisclosed amount

Hub International Ltd. (TSX: HBG) has acquired all of the stock of wholesale brokerage Cross Border Underwriting Services Inc. (CBUS) from managing general agent (MGA) KRG Insurance Brokers Inc. for an undisclosed amount. CBUS will fall under Hub Group (Ontario) Inc., a statement released by the broker network consolidator says.CBUS, which provides coverage placement for Canadian retail insurance brokers representing clients with cross-border risk exposures, generates annual revenue of about $400,000, a Hub statement says. “The enormous amount of commerce between the U.S. and Canada affords many middle-market companies in both countries to do cross-border business. But, there are some county-specific variations in the way coverage is arranged, and CBUS will strengthen our ability to help our retail producers bridge those differences for their clients,” says HUB CEO Martin Hughes.