Morneau Shepell Ltd. is selling its benefits consulting business to Hub International Ltd.

The benefits component of Morneau Shepell’s consulting business, which represents about three per cent of its revenue, sold for $70 million.

“We are very focused on our growth strategy, which includes being clear market leaders in the businesses in which we operate, owning the total well-being space, accelerating growth through geographic expansion and leveraging technology to deliver a seamless experience for our clients and their employees,” said Stephen Liptrap, president and chief executive officer of Morneau Shepell, in a press release.

Read: Hub acquiring Quebec consultancy Azur

“Hub is focused on the benefits consulting space, which makes it a perfect home for this business. The benefits consulting business is core for them, and in their hands has more potential upside and opportunity to grow,” he added.

Hub has been on a tear of acquisitions in recent months, buying up consultancies throughout many Canadian provinces.

“Hub has been bullish on its strategy to provide comprehensive end-to-end benefits services that address the challenges Canadian employers are facing to achieve their recruiting, retention and cost management goals,” said Tina Osen, president of Hub International Canada, in release. “With Morneau Shepell’s benefits consulting practice, Hub will deliver highly differentiated services across all five lines of our business — property and casualty, employee benefits, retirement, risk services and personal lines — to clients large and small, in-country and cross border.”

Read: Hub acquiring Edmonton benefits, retirement consultancy

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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