Hub International is expanding into the Latin American market as the result of a merger agreement with Brazilian broker Harmonia Corretora de Seguros Ltd. The deal marks the first expansion for Hub outside the U.S. and Canada.
The agreement makes Harmonia a new regional platform. It will operate as Harmonia Corretora, a Hub Internacional affiliate, with offices located in São Paulo, Rio de Janeiro, Campinas, Recife and Poços, Brazil.
The two companies already have a business relationship stemming from both firms’ involvement in the Worldwide Broker Network (WBN).
Hub’s move into Latin America isn’t entirely a surprise. “We’re definitely looking at other parts of the world,” President Rick Gulliver told Insurance Journal in an interview in October. “We have to be careful because our model has been to find the right partners, and we don’t necessarily know those cultures and know those people, and we don’t want to expand into other parts just to expand.”
He said at that time that Hub was looking at Latin America and in Brazil.
José Conduta, founder and principal of Harmonia, will join the newly formed Hub Internacional Latin America as its CEO.
Harmonia’s management team and staff will remain with Harmonia and will be led by Priscila Lima Conduta Elias, principal and leader of Harmonia’s employee benefits who will become Hub Harmonia’s president.
Neil Morrison, CEO and president of Hub Ontario/HKMB, will assume the additional position of chairman of Hub Internacional Latin America.
Conduta established Harmonia in 1981. It claims to be one of the largest independent brokerage firms in Brazil.
Source: Hub International
Topics Trends New Markets
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