HUB International: Everything you need to know
Premiums: $17 billion
In 1998, 11 Canadian brokerages came together to form HUB International Ltd. One year later, the company expanded into the United States and Western Canada. Today, the brokerage is one of the largest in the world, operating in both the US and Canada. Since its founding, the brokerage has been a key player in the M&A market, acquiring 18 brokerages in 2000 alone and then beating that figure in later years, while continuing to scout for broker partners to this day.
Based on the most recent figures, 51% of HUB’s business is in commercial lines, 27% in employee benefits, 15% in personal lines, and 5% in wholesale, while 2% lands in the ‘other’ category. In its solutions for businesses, HUB offers many coverages, including commercial property, crime, D&O, workers’ compensation, environmental, E&O, business interruption, and many others. Similarly, its industry expertise spans from agribusiness to hospitality, transportation to life sciences, and many more.
HUB International in the news
January 2017: Hub International acquires Canada’s Mainline Insurance
February 2017: Hub International unit buys commercial line assets
April 2018: Hub International acquires ES3 Insurance Services
August 2017: Huge share of HUB International for sale – reports
August 2017: Hub International purchases assets of Quebec-based surety broker
May 2018: Hub International acquires Alberta-based commercial insurance provider
May 2018: Hub International acquires Quebec-based benefits brokerage
July 2018: Hub International acquires Toronto-based MGA
August 2018: Hub acquires Southland Insurance Brokers
August 2018: Hub International launches cannabis insurance solution
February 2019: Hub International picks up TX-based commercial truck insurance agency
March 2019: Hub International snags employment benefits brokerage RiteHealth
April 2019: Hub International acquires Del Fisher Insurance in Alberta
April 2019: Hub International appoints new EVP of commercial lines
July 2019: Hub International acquires assets of Cosaint Insurance Partners
September 2019: Hub International buys out employee benefits brokerage
October 2019: Hub International claims the assets of CA-based employee benefits agency
Key people as of 2019
Martin P. Hughes - Executive chairman of the board of directors
Before his current appointment, Hughes served as chairman and CEO of HUB International from 1999 until 2018. His insurance career dates back to Mack and Parker, which he joined in 1973 and is now a part of HUB International Midwest Limited, and where he served as president from 1990 to 1999, and later as chairman from 1999 to 2001. Today, he has over 40 years of experience in the insurance brokerage business.
Hughes has several notable involvements outside of his work at HUB. He was named the recipient of the 2019 Crain Lifetime Achievement award for outstanding accomplishments in the insurance and risk management sector, and was elected chairman of the Council of Insurance Agents & Brokers in 2018. He has also held the role of chairman of Assurex International, a global insurance service organization. He is currently a board member for Mount Carmel High School, as well as a member of the Economic Club of Chicago and the Executives’ Club of Chicago.
Marc I. Cohen - President and CEO
Cohen got his start in the insurance industry after earning his BA from the State University of New York at Albany in 1988 and, shortly after, started working at Walter Kaye Associates. A few years later, he was appointed president of Program Brokerage Corporation and Claims Administration Corporation, which are HUB International Group Northeast Limited’s (HUB NOE) wholesale insurance subsidiary and claims management divisions. As if those titles weren’t enough, Cohen was also named president of Old Lyme Insurance Company of Rhode Island, a HUB NOE underwriting subsidiary that was later sold.
In January 2004, Cohen took on the role of president and CEO of HUB NOE, gaining oversight for the region’s retail and wholesale operations in the Northeast. A decade later, Cohen was named president of HUB’s US East Region, and later took on the role of president and CEO for the entire brokerage. Outside of the office, Cohen is on the board of the Insurance Industry Charitable Foundation’s Northeast Division.
HUB has a strong presence in its communities thanks to its HUB GIVES initiative, which is a program that encourages employees to donate their time and passion to community projects. Each and every regional HUB office picks a local organization or cause, and then crafts a project that will make a difference where it’s needed. This can include projects focused on fighting disease, working with families in need, and improving the lives of senior citizens and youth.