#United States #Acquisition #Boca Raton #Hub International #CL Marine Insurance

Hub International Enhances Marine Insurance with CL Marine Acquisition

In a significant move to strengthen its marine insurance offerings, Hub International Limited has acquired the assets of Scott Costolo, Inc., operating as CL Marine Insurance, based in Boca Raton, Florida. This acquisition marks a strategic expansion for Hub as it seeks to enhance its services and grow its client base in the marine insurance sector.

Background of CL Marine Insurance

CL Marine Insurance is known for its expertise and specialized services within the marine insurance niche, providing comprehensive coverage solutions tailored to the needs of their clients. The firm’s reputation for excellence in customer service and its focus on marine-related risks make it a valuable addition to Hub’s portfolio, which already includes a wide range of insurance products and financial services.

Chris Gardner, the CEO of Hub Florida, expressed optimism about the acquisition, stating, “We welcome Scott and his team to Hub. Scott's expertise will add value to our clients and help fuel growth in the region.” This sentiment reflects Hub’s ongoing commitment to not only provide top-tier insurance solutions but also to continuously enhance the quality and breadth of their offerings through strategic hires and acquisitions.

Implications for Clients and the Industry

For clients, the integration of CL Marine Insurance into Hub’s framework promises improved access to a wider array of resources and industry-specific knowledge. As the marine insurance market evolves with emerging risks and changing regulations, having a seasoned team like CL Marine’s on board will be essential in navigating these complexities.

The acquisition is also emblematic of a broader trend within the insurance industry, where firms are increasingly looking to bolster their capabilities through strategic maneuvers. In this competitive landscape, combining expertise from established players can lead to enhanced service delivery and better risk management strategies for clients across sectors.

Commitment to Growth Through Expertise

Hub International, headquartered in Chicago, Illinois, operates as a leading full-service global insurance broker and financial services firm. With over 19,000 employees and an expansive network throughout North America, the firm has made it a priority to grow both organically and through acquisitions. This strategic acquisition of CL Marine underscores Hub's commitment to expanding its geographic footprint and industry expertise, particularly in specialized fields like marine insurance.

As clients continue to seek tailored solutions to meet their unique insurance needs, Hub’s strategy to expand its capabilities will likely position the firm as a leader in the market.

For more information about Hub’s marine insurance solutions and the recent acquisition, you can visit WeAreHub.com.

Conclusion

The acquisition of CL Marine Insurance by Hub International represents a significant strategic alignment that is set to enhance the value proposition offered to marine industry clients. With Scott Costolo and his team joining forces with Hub, clients can expect tailored services backed by extensive experience and proactive risk management approaches. The broader implications of this acquisition highlight the importance of continued growth and adaptation in the ever-evolving landscape of marine and broader insurance sectors.