10 July 2019 13:30
Hub International has acquired the assets of american firm Cosaint Insurance Partners, located in Conshohocken in Pennsylvania, so that the insurer to which the latter was attached, Nationwide Mutual Insurance Company, is in transition to a distribution model to brokerage.
The terms of the transaction were not disclosed.
The president and chief operating officer of Cosaint Insurance Partners, Robert Bush, and the president of the board of directors and chief executive officer of the firm, Dennis O’neill, will join the division of the central region of the United States of the Hub and will report to Neil Hughes.
Created to capitalize on the transition
“Cosaint Insurance Partners is a firm of highly respected, established to capitalize on the transition of the distribution model exclusive to Nationwide,” said Mr. Hughes, president, central region at Hub in the United States. Together, we will continue to provide them with a platform independent, as well as other agencies Nationwide who will be joining the Hub to develop and offer insurance solutions tailored to the evolving needs of their customers. “
“Joining Hub, which holds vast resources and strong relationships, we can offer new options to insurers and blankets to our clients and continue our mission to help other agencies Nationwide to make the transition and to serve their customers according to a model of first order,” add MESSRS. Bush and O’neill.
Transition to be completed in 2020
The transition from Nationwide to a model to brokerage was announced in 2018. The process is expected to conclude in 2020. In an interview with the media american Insurance Journal (which is not related to the Editions of the Journal of insurance), Nationwide has stated that this change would allow firms to it being used to be linked to provide more and more products from different insurers and to attract long-term investments.