Hub International | August 05, 2022
Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Bubrig Insurance Agency, Ltd. and its affiliate Blue Cedar Insurance, LLC (collectively, Bubrig Insurance Agency). Terms of the transaction were not disclosed.
Located in Belle Chasse, Louisiana, Bubrig Insurance Agency is an independent agency providing personal insurance solutions, including home, auto, flood, life and recreation.
"With Bubrig Insurance Agency, we will continue our growth in the region, We are enthusiastic about our future together, and we're confident that this partnership will create new opportunities for us."
-Shaun Norris, President of Hub Gulf South
Bill Bubrig, President, and the entire Bubrig Insurance Agency team will join Hub Gulf South.
Joining Hub is an attractive opportunity and gives us access to additional national resources and capabilities so that we can continue to provide the highest quality of service to our clients, said Bubrig.
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.
Simply Business and biBERK | September 27, 2022
Simply Business, LLC., a Boston-based digital insurance agency focused on small businesses, today announced the launch of a partnership with biBERK Business Insurance, a Berkshire Hathaway company, to offer workers' compensation products online to small business owners in the United States.
Through this new partnership, small business owners can receive a biBERK workers' compensation quote through the Simply Business website. They also have the option to digitally bind policies and speak to a licensed insurance agent to ensure that the coverage they've selected best meets the needs of their business.
"We're committed to helping small businesses grow by providing specially tailored insurance solutions, and this new partnership makes it easier for our customers to get exactly what they need, With the help of biBERK, we're able to provide more comprehensive coverage to entrepreneurs across the country."
-David Summers, Group CEO of Simply Business
This offering is currently available to small business owners in Washington D.C. and all 46 states where private carriers are eligible to operate.
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 850,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value.
biBERK is a small business insurance company that's part of the Berkshire Hathaway Insurance Group. All of Company's major insurance subsidiaries are rated A++ by A M Best Company with millions of customers and over 75 years of insurance experience.
Westfield | September 09, 2022
Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a strong first year in the U.S. market.
Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately $125 million.
“This acquisition is our first step in establishing a global franchise for Westfield, The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”
-Ed Largent, Westfield President, CEO and Board Chair
Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating.
Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran Jack Kuhn has a proven track record of success leading global, multi-billion-dollar specialty businesses and emphasized Westfield’s commitment to international expansion.
We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy, We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics,said Kuhn.
Kuhn recently announced Graham Evans to the Westfield Specialty executive management team as Executive Vice President, Head of International Insurance. Like Kuhn, Evans has deep international specialty expertise from leadership roles at Chubb, CNA, AXIS and his most recent role leading Endurance/Sompo’s European operations. Evans will develop Westfield Specialty’s international strategy and will lead the integration of Lloyd’s Syndicate 1200.
Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market, Together, they will shape the business and build an even stronger portfolio of international business,continued Largent.
The international operation will reside within Westfield Specialty, which currently writes specialty business in the U.S. Under Kuhn’s leadership, the team is targeted to write $250 million of premium in 2022 during its first full year of operation.
Largent echoes the long-term international commitment adding, This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history approaching 175 years in business and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team.
Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction.
Westfield is an $8.8 billion (GAAP assets) property-casualty insurance company underwriting commercial, personal, surety and specialty lines of insurance in the U.S.
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as a leading property and casualty (P&C) insurance company in the United States, we remain true to their vision and are dedicated to making a positive difference in our customers’ lives.