Chicago-headquartered Hub International Limited (HUB) has launched a new nonprofit specialty practice, its 10th specialty unit in five years.
According to Independent Sector, nonprofits make up 10% of the American workforce, the third largest in the US, behind retail and manufacturing. Meanwhile, Canada has over 170,000 charitable and nonprofit organizations, with 85,000 recognized by the Canada Revenue Agency. Additionally, Statistics Canada revealed that nonprofits represent nearly 13% of all jobs in the country.
HUB's new nonprofit specialty practice formalizes its capabilities in serving the unique risk management, insurance, and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious, and other charitable organizations.
“HUB has a long-proven track record of successfully assisting nonprofit organizations and creating a new nonprofit specialty practice formalizes our work in this area,” said HUB CEO and president Marc Cohen. “Nonprofits face unique operational, financial, and governance challenges, and our specialized brokers will help them flourish by offering proactive consultation and advice to protect against all aspects of their risk.”
Chris Treanor, HUB president of programs & specialties, added that having a dedicated practice enables the firm to build out more specialized products, expand carrier relationships, and provide industry-specific integrated P&C, employee benefits, and retirement solutions.
“This is a unique sector of the economy with unique needs, and we are excited to provide specific services to fuel its success,” Treanor continued.
Scott Konrad, nonprofit insurance veteran at HUB, will lead the new nonprofit specialty practice. He is a nationally recognized author and speaker on nonprofit risk management themes with direct experience as a servant leader of nonprofit civic, religious, and professional organizations, including the Nonprofit Risk Management Center's Corporate Advisory Council. In his new role at HUB, he will be responsible for galvanizing the firm's decades of nonprofit client experience, industry relationships, and sector engagement to develop innovative insurance, risk management, and human capital products and solutions.
“Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn – in reducing risk, safeguarding their assets, and taking care of their people,” Konrad said. “We understand the charitable sector's challenges, needs, and temperament and use our skills and resources to tackle issues such as board protection, talent recruitment and retention, volunteer risk management, and more. By lightening the burden for busy nonprofit leaders so they can focus on mission, we're an effective catalyst for the greater good.”
The announcement of HUB's new specialty follows the launch of its new product for condominium and homeowner associations.