Global insurance brokerage Hub International Limited has acquired the assets of Scott Costolo, Inc., which operates as C&L Marine Insurance. The terms of the transaction were not disclosed.
C&L Marine Insurance, based in Boca Raton, Florida, is an independent firm specializing in marine insurance. As part of the acquisition, Scott Costolo, president of C&L Marine Insurance, and his team will join Hub Florida.
Hub’s expansion comes as marine continues its growth in the country. Marine insurance in the United States has experienced notable trends over the past year, reflecting both global patterns and regional specifics, according to Future Market Analytics.
North America held a significant portion of the global marine insurance market, with a valuation of around $10.06 billion in 2024, accounting for over 40% of the global revenue. The region is expected to grow at a CAGR of 1.7% from 2024 to 2031.
Globally, the market was valued at approximately $30.2 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4% from 2024 to 2032.
Chris Gardner (pictured above), chief executive officer of Hub Florida, said Costolo and his team will bring expertise that will benefit Hub’s clients and contribute to the firm’s expansion in the region.
Following the acquisition, C&L Marine Insurance will operate as C&L Marine Insurance, a Hub International company.
This acquisition also follows a major expansion for the firm, as Hub also recently announced the launch of HUB Private Client Equine Risk Advisory Services.
The new offering is designed to help high-net-worth and ultra-high-net-worth clients manage risks related to horse ownership, riding, training and equestrian activities. It provides coverage and advisory services for equine assets, facilities, events and liability exposures.
Laura Koester will serve as HUB Equine Solutions practice leader, overseeing the team in providing risk management solutions for both personal and professional equine activities.
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