National Bank transfers group insurance operations to HUB

In a press release issued on March 17, HUB International Quebec announced the signing of a strategic agreement under which National Bank Insurance Firm (NBIF) will transfer its group insurance activities to HUB.

“The group insurance services of National Bank Insurance Firm will be a major asset for our practice and our growth strategy primarily in Quebec. We are thrilled to welcome colleagues that are so dedicated to customer service to our team,” says Stephen Blais, President and CEO of HUB International Quebec.

“This strategic partnership with HUB for group insurance will give our clients across Canada access to an extensive suite of products and services through an even larger pool of resources and experts,” adds Peter D. Thompson, President of National Bank Insurance and National Bank Insurance Firm.

National Bank customers will continue to have access to these group insurance services through HUB International Quebec, says Marie-Pierre Jodoin, Senior Manager, Public Affairs at National Bank.

Asked how many employees would be affected by this transfer and for details on the group insurance premium volume at NBIF, Jodoin had nothing to add to the information in the press release. HUB did not respond to Insurance Portal’s request for clarifications.

At the Bank

National Bank Insurance Firm states on its LinkedIn page that for more than 25 years, “it has been ranked as one of the largest multidisciplinary insurance firms in Canada.” The firm “has strong business ties with all of Canada’s largest insurers and we serve more than 200,000 clients,” it adds.

National Bank Insurance’s group business was previously overseen by the subsidiary National Bank Life Insurance Company, which offers individual life and health insurance and group insurance products in Canada.

National Bank is one of the leading banking institutions in Quebec and the sixth largest in Canada, with 2.4 million customers.

HUB is a full-service insurance broker and financial services firm that employs 400 people in Quebec. It provides risk management, insurance employee benefits, retirement and wealth management products and services.

This transaction is the second announced by HUB International in the past week. On March 14, the brokerage giant announced that it acquired an Ontario-based life and health insurance firm.