Hub Acquisition of Bank of the West wholly-owned subsidiary BW Insurance adds to Hub presence in eight states
Chicago August 4, 2015 -
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired BW Insurance Agency, Inc. (BWIA) a wholly-owned subsidiary of Bank of the West. BWIA is a multi-line property and casualty, personal and employee benefits insurance brokerage. Terms of the acquisition were not disclosed. BWIA will become part of Hub regional operations including Hub Mountain, Hub Colorado, Hub Northwest, and Hub Midwest.
BWIA is the 14th largest bank owned* insurance brokerage and, if ranked, would be among the top 100 largest brokerages in the US. The firm specializes in key industries including agriculture, real estate, energy, transportation and construction and has a robust team of experts in executive and professional liability, workers' compensation and personal insurance solutions. BWIA operates from more than 40 offices located across eight states including Colorado, Iowa, Minnesota, Nebraska, North and South Dakota, Oregon and Wyoming.
BWIA employees who join Hub will either remain in existing locations that will become new Hub offices or relocate to nearby existing Hub regional offices. BWIA leadership, Wayne Dauwen, Chief Administrative Officer, will join Hub as Chief Operating Officer, HUB Mountain, based in the Fargo, North Dakota office. Bruce Gaughan, Finance Manager, and other BWIA regional sales and operations leaders also will join Hub.
"BWIA is an ideal fit for Hub. Our services and industry focus are very complementary and their operations broadens our geographic foot print in states where we already are located, as well as provides new penetration in other states," noted Martin Hughes, Chairman and CEO, Hub International. "The team-oriented culture and eagerness to leverage the additional resources and innovative insurance solutions we offer in commercial, personal, employee benefits and risk services will make for a very successful relationship."
BWIA already has well-established regional and national carrier relations and will now expand by taking advantage of national carrier relations Hub has with both commercial, personal and employee benefits carriers. This new reach will expand BWIA's ability to offer more competitive and industry leading insurance products to its customers.
*Based on 2013 Insurance Journal ranking.
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Hub International Limited
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Hub International Limited
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Source: HUB International Limited