CHICAGO — Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Ion Insurance Corporation (Ion Insurance). Terms of the transaction were not disclosed.
Headquartered in Cheshire, Connecticut, Ion Insurance is a full service, independent insurance agency providing personal and business insurance solutions throughout the region. David Drescher, Managing Director of Southern New England, and the rest of the Ion Insurance team will join Hub New England and help to spearhead and execute on Hub’s strategy in Connecticut.
“We are excited to have David and his talented team join our group to strengthen our commitment and approach to Southern New England,” said Shawn McLaughlin, President of Hub New England. “With Ion Insurance, we will provide clients with the best of both worlds – the benefits of local services with deep resources and the strength of a national firm.”
David Rotatori, President & CEO of Ion Bank, stated that the sale will provide additional capital for the financial institution, allowing the Bank to reinvest into the communities that Ion serves and to continue with their expansion into other towns and cities in Connecticut. “Ion Bank is committed to serving our customers, communities and employees, and this transaction allows us more flexibility, benefiting all of these groups,” said Rotatori.
In addition, a portion of the proceeds from the sale have been donated to the Ion Bank Foundation. Established in 1998, the Foundation has grown from an initial $2 million contribution by the Bank to more than $12.5 million in assets, through earnings and additional contributions. Since its inception in 1998, cumulative grants for purposes ranging from improving social services to enhancing the arts have exceeded $9 million.
Customers of Ion Insurance will see no change in their accounts as a result of the sale according to Drescher. “Ion Insurance customers will still be serviced by the same team they have come to know and trust. There will be no disruption to our customers, and they will benefit from the expertise and enjoy a wider array of products that Hub offers,” said Drescher.
Source: Hub International Limited
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