Hub International Limited announced June 3 that it has acquired Calgary, Alberta-based Global Credit Risk Management Inc. A national firm with offices in Ontario and Alberta, the acquired firm is a brokerage providing accounts receivable and political risk insurance. Terms of the transaction were not disclosed.
Global Credit Risk Management says it works with companies of all sizes, providing advisory services to manufacturers, commodity traders, the services sector, finance professionals, banks and other financial intermediaries.
The company explains that accounts receivable insurance protects companies from losses resulting from payment defaults, insolvency or repudiation by a company’s buyers, while political risk insurance protects a company’s overseas assets from losses resulting from currency inconvertibility, breach of contracts, asset expropriations or confiscation, and war and civil unrest.
Hub announced that Global Credit Risk Management will support its specialty practices business going forward by strengthening the firm’s offering to all industries, including banks, lending institutional and investment firms. Global Credit’s principals, John Middleton, Athan Bardis and Eric Pilon and their team will join Hub Ontario, reporting to the company’s Ontario leadership team.
