Global insurance brokerage, Hub International Limited (Hub), has launched its first eight industry specialty practices, based on industries that are positioned for growth and where the firm has solid expertise.
As well as being based on industries that hold good growth potential and where Hub has expertise, the eight specialty practices are also areas where Hub offers a strong industry value proposition alongside a sizeable portfolio of clients.
The broker’s first eight specialty practices include transportation, financial institutions, entertainment / sports, construction, agriculture, hospitality, real estate, and healthcare.
Marc Cohen, Chief Executive Officer (CEO) and President of Hub, said; “Business owners expect brokers to be specialists to best address the unique industry risks and issues they live with every day. And when a broker specializes, they are delivering a value set that helps clients grow their business with the peace of mind that their risks and exposures, today and tomorrow, have been identified and addressed.
“At HUB we see a direct correlation between specialization and improved client retention and new growth. Both of which are key elements of organic revenue.”
According to the broker, its specialties are based on a model that enables the company to scale and develop future industry specialties based on both regional and customer needs and demands.
Chris Treanor, President of Specialties and Programs for Hub, said; “HUB mobilized hundreds of our specialists across North America in our more than 400 offices to ensure our industry strategy would succeed in our decentralized environment to continue serving our local market customers and prospects.
“Specialties is a thoughtful and significant effort in our ongoing growth strategy and will impact our success as one of the largest brokers in the world.”
Todd Macumber, President of Specialty Practices and President and CEO of Hub’s Risk Services Division, added; “Complexities in the insurance industry continue to surge. To really understand the current and emerging risks associated with an industry, insurance and risk advisors require specialized industry knowledge.
“Each Specialty practice will offer clients HUB proprietary insurance products as well as provide our employees with training, development and credentialing to better serve our clients and allow us to recruit and retain the industry’s leading talent.”