August 20, 2019 09:30
Photo : Freepik
While the model of the american insurer Nationwide Mutual Insurance Company is changing to distribution to brokerage, Hub International has acquired the portfolios of three other firms that are in transition to become independent agents.
Brokers Matthew Lennon, Craig Love , and Frank and Michael Namath have also been hired by Hub. Each was working in auto insurance, home, life and businesses in the cities of Hatboro, Mount Carmel, and Aliquippa, Pennsylvania.
Hub says that the addition of the portfolios of business these agents will help to solidify the segment of personal insurance.
“We are delighted to welcome these agents are exceptional in the Hub. They all have a solid reputation in Pennsylvania in the field of personal insurance. It is a priority for us to continue to offer an independent platform for them and for the other agents who join the Hub. They will have a significant and positive impact on our insurance services for individuals and will contribute significantly to our growth in the market, ” said Neil Hughes, president of the central region of the Hub in the United States.
The terms of the transaction were not disclosed.
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.