Hub buys Essex Insurance
HUB International Horizon, one of the largest insurance brokerages in the province, has acquired the shares of Essex Insurance.
Essex had four locations in Superstores but lost its licence to sell Autopac insurance through Manitoba Public Insurance earlier this year.
Keith Jordan, president of Hub Horizon, said the deal included Essex's personal and property insurance, but the main attraction was the locations.
"This was an opportunity to get into location that have been good Autopac locations," he said.
Terms of the deal were not disclosed.
Hub Horizon has 11 locations in Winnipeg and 18 in the province. It will close three of its smaller locations and move them to three former Essex locations in Superstores on McPhillips Street, Bison Drive and Gateway Road.
Hub Horizon is part of Chicago-based Hub International Limited, the 10th largest U.S. insurance brokerage.
Interest rates in focus
TORONTO -- Stock markets are likely in for another choppy week of trading as traders concentrate on Canadian interest rates and a number of U.S. earnings reports.
The Bank of Canada makes its next rate announcement on Wednesday and analysts fully expect the bank will leave its key rate where it's been since September 2010 -- at one per cent.
Central bank governor Stephen Poloz has struck a decidedly dovish tone with rates since taking over the top job last year and economists generally don't expect any movement in rates until the second half of next year. They also don't expect him to abandon that stance in favour of a more hawkish tone that would indicate higher rates are on the way.
-- staff / The Canadian Press