Hub swoops for financial institutions specialist

Companies have had "a long and collaborative relationship"

Hub swoops for financial institutions specialist

Mergers & Acquisitions

By Ryan Smith

International broker Hub International Limited has announced that it has acquired the assets of Red Rocks Financial. The terms of the transaction were not disclosed.

Founded in 2004, Red Rocks Financial provides specialty insurance products and services to financial institutions nationwide. The acquisition supports Hub’s financial institutions' practices by complementing and strengthening its existing abilities, Hub said.

“We are proud of the business we have built in the financial institution marketplace and appreciate the trust and confidence our clients have placed in us for so many years,” said Jeff Stuepfert, president of Red Rock Financial. “Hub gives us the size, scope, and additional resources of being part of a larger, specialty-focused organization. By joining forces, we will be able to offer our clients an expanded range of products and services, while still providing the same level of expertise and customer service that they have come to expect from us.”

Red Rock Financial will join Hub’s banking financial institution unit, Hub Financial Services.

“We are thrilled to welcome the specialty financial institution practice of Red Rock Financial to Hub Financial Services,” said Scott Eckerty, president of Hub Financial Services. “We’ve had a long and collaborative relationship with Red Rock Financial. Their expertise in providing insurance solutions for financial institutions will enhance our capabilities and enable us to provide a high level of service to our clients in this market.”

Last month, Hub acquired Huntington, N.Y.-based Brady Risk Management. In March, it snapped up Montana-headquartered Glacier Insurance of Libby.

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