Acquisition will Strengthen Hub’s Commercial and Personal Capabilities in the Borderplex Region
Chicago, Illinois and El Paso, Texas – Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, and WestStar Bank (WestStar), the leading community financial institution in the Borderplex Region, jointly announced today the sale of the assets of WestStar Insurance Agency, Inc. (WestStar Insurance) by WestStar to Hub. Terms of the transaction were not disclosed.
Located in El Paso, Texas, WestStar Insurance is a wholly owned subsidiary of WestStar Bank, the region’s leading commercial bank, with branches stretching from Fabens, Texas to Las Cruces, New Mexico, and more than $3 billion in assets. The Weststar Insurance team, located in El Paso, focuses on business insurance, employee benefits, and personal insurance products to customize protection for their clients. The WestStar Insurance team will join Hub Texas moving just a few floors up to Hub’s current offices located in WestStar Tower.
“We are excited about partnering with Hub International. This transaction will ensure that WestStar Bank’s customers continue to have access to world-class insurance products and services. In addition, WestStar Insurance’s employees will have a great new home where they can continue to serve the Bank’s customers and provide new products and services,” said L. Frederick Francis, Executive Chairman of WestStar Bank.
“We are pleased to welcome the WestStar Insurance team and to expand our existing presence in West Texas,” said Don Margo, Area President of Hub International of West Texas. “We have known the WestStar Insurance team for many years and are certain that they will be a terrific addition to our client coverage, service and insurance expertise.”
Piper Sandler & Co. served as financial advisor to WestStar Insurance for the transaction.
SOURCE Hub International Limited
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