Global insurance brokerage Hub International Limited has announced that it has acquired the assets of Ion Insurance Corporation. Terms of the transaction were not disclosed.
Connecticut-based Ion Insurance is a full-service, independent insurance agency providing personal and business insurance. David Drescher, managing director of Southern New England, and the rest of the Ion Insurance team will join Hub New England.
“We are excited to have David and his talented team join our group to strengthen our commitment and approach to Southern New England,” said Shawn McLaughlin, president of Hub New England. “With Ion Insurance, we will provide clients with the best of both worlds – the benefits of local services with deep resources and the strength of a national firm.”
David Rotatori, president and CEO of Ion Bank, said the sale will provide additional capital for the bank, allowing it to reinvest in the communities that Ion serves and continuing its expansion into other communities in Connecticut.
“Ion Bank is committed to serving our customers, communities and employees,” he said, “and this transaction allows us more flexibility, benefiting all of these groups.”
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A portion of the proceeds of the sale has been donated to the Ion Bank Foundation, which provides grants for purposes ranging from improving social services to enhancing the arts. Drescher said that Ion Insurance customers will see no change in their accounts as a result of the sale.
“Ion Insurance customers will still be serviced by the same team they have come to know and trust,” he said. “There will be no disruption to our customers, and they will benefit from the expertise and enjoy a wider array of products that Hub offers.”