Hub acquisition targets credit insurance, risk management

Hub International has strengthened its credit score insurance and danger administration capabilities by buying Ottawa-based Jaimac Risk Management Inc.

Chicago-based world brokerage Hub introduced the acquisition Friday. Jaimac is an impartial insurance brokerage specializing in danger administration and credit score insurance for firms with distinctive risk-mitigation wants.

Jaimac president Paul Turner and the Jaimac staff will be a part of Hub Ontario, the big brokerage stated in a press launch.

Turner based Jaimac in 2005. “Most brokerages view credit insurance as an add-on to their core product offering,” Jaimac stated on its web site. “Credit and political risk insurance is our only line of business.”

The firm affords tailor-made portfolio structuring, danger mitigation and debt decision.

In impact, credit score insurance protects a vendor when a purchaser (the client) can not pay. Non-payment could be triggered by a wide range of causes, together with insolvency of the client or a default on fee on account of money movement issues. Other dangers lined by credit score danger insurance embrace non-acceptance of products and political dangers related to particular geographic markets.

Hub has been comparatively quiet on the Canadian P&C mergers and acquisitions entrance this 12 months, however has made different acquisitions, strategic agreements, partnerships and product choices.

For instance, in March, Hub partnered with Acturis, a software-as-a-service supplier to the insurance trade, to launch a digital alternative platform. The multi-carrier digital platform offers Hub’s small business shoppers in Canada with real-time, aggressive and a number of business insurance quotes.

The brokerage additionally added to its Canadian government administration staff in March:

• Barbara MacPhail was promoted to government vp of strategic initiatives for Canada.
• Terri Botosan is within the newly-created place of regional president of worker advantages, retirement & life for Canada.
• David Moon is in one other newly-created function as regional president of western Canada.
• Karim Chandani is Hub International’s cross-border apply chief for its hospitality specialty division.

Feature picture by iStock.com/ljubaphoto