Hub Worldwide, a US-based insurance coverage middleman, has expanded its operations with the acquisition of WestStar Insurance coverage from WestStar Financial institution.
The monetary phrases of the deal, which sees the El Paso-based insurance coverage company be part of Hub Texas, haven’t been disclosed.
WestStar Insurance coverage, a subsidiary of WestStar Financial institution, is engaged in providing its tailor-made enterprise, worker advantages, and private insurance coverage merchandise.
With greater than $3bn in property, WestStar Financial institution is a business financial institution within the Borderplex Area.
The financial institution’s insurance coverage workforce will relocate to Hub’s workplaces throughout the WestStar Tower.
Piper Sandler acted because the monetary advisor to WestStar Insurance coverage through the transaction.
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Hub, headquartered in Chicago, Illinois, gives a variety of providers together with danger administration, insurance coverage, and wealth administration.
Hub Worldwide space president of West Texas Don Margo mentioned: “We’re happy to welcome the WestStar Insurance coverage workforce and to develop our present presence in West Texas.
“We’ve got identified the WestStar Insurance coverage workforce for a few years and are sure that they are going to be a terrific addition to our consumer protection, service and insurance coverage experience.”
WestStar Financial institution govt chairman L Frederick Francis mentioned: “We’re enthusiastic about partnering with Hub Worldwide. This transaction will make sure that WestStar Financial institution’s clients proceed to have entry to world-class insurance coverage services.
“In addition, WestStar Insurance coverage’s staff could have an incredible new dwelling the place they’ll proceed to serve the Financial institution’s clients and supply new services.”
Lately, Hub launched an aviation danger advisory service for high-net-worth people.
Known as HUB Non-public Shopper Aviation Danger Advisory Companies, this service offers steerage on plane insurance coverage, guaranteeing compliance and security for personal plane house owners.
It consists of bespoke options for buying, leasing, or chartering plane, addressing upkeep, pilot expertise, legal responsibility protection, availability of alternative components, and insurance coverage valuation.
The service additionally advises on whether or not to go for skilled plane administration or private upkeep, catering to the distinctive wants of personal plane house owners.
