Hub International Limited (NYSE: HBG and TSX: HBG) announced today that its New York City-based wholesale insurance unit, Program Brokerage Corporation (PBC), will offer its network of over 1200 producers access to Professional Liability insurance for their retail clients. Professional Liability insurance includes coverage such as protection for directors and officers alleged to have committed wrongful acts in the stewardship of organizations they serve, and Employment Practices Liability for companies accused of discrimination, wrongful termination, harassment or other employment-related offenses.
Maria A. Treglia has been named to direct the initiative. She will be an Assistant Vice President at PBC, reporting to Marc I. Cohen, PBC President. Prior to joining PBC, Ms. Treglia served in various Professional Liability specialist positions with leading carriers in the industry. She is a cum laude graduate of the College of Insurance in New York City (now named the School of Risk Management, Insurance and Actuarial Science of St John's University) with a Bachelor of Business Administration. Ms. Treglia is a Chartered Property and Casualty Underwriter (CPCU) and a Registered Professional Liability Underwriter (RPLU).
In making the announcement, Mr. Cohen said that this was an important expansion of PBC's offerings to their network of agents. He explained, "Coverages such as D & O and Employment Practices Liability were once thought to be needed by only the largest organizations. But in today's atmosphere of heightened scrutiny of corporate governance and extreme sensitivity to employment issues, organizations of all sizes must protect themselves from charges of improper practices. The coverages we're arranging are complex, and only a handful of top-rated carriers sell the policies. We think that helping our producers spot opportunities to offer their clients this insurance and then placing the coverage with strong carriers fills a real need."
Mr. Cohen continued, "Part of our mission is to provide in-house facilities for coverages that are sometimes difficult for our network producers to sell and also to attract to PBC talented professionals with knowledge in that particular discipline. This initiative, and naming Maria Treglia to lead it, are examples of that strategy, as was the creation of our Environmental Coverage facility in October last year. Maria has the highest professional credentials and has been in underwriting, marketing and staff management with several excellent Professional Liability carriers. She'll not only be a valuable resource at PBC for our producers, but will also help us strengthen relationships with our insurance company partners who are targeting this business."
Headquartered in Chicago, IL, Hub International is a leading North American insurance brokerage that has grown rapidly since its formation in 1998 through mergers, acquisitions and organic growth. It provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada. Hub International's strategy is to expand its market share in the highly fragmented U.S. insurance brokerage industry by acquiring quality firms in key geographic regions that focus on servicing middle-market commercial businesses. In addition, Hub plans to leverage its decentralized approach, differentiate its service, and capitalize on its scale to provide broader product offerings to its clients through multiple distribution channels. Hub International currently has eleven large "hub" brokerages that have significant market presence in their geographic regions in the U.S. and Canada. Each hub provides insurance brokerage services and manages the various other Hub International offices in its territory. The hub brokerages are responsible for growth through sales, service and fold-in acquisitions. The hub offices report to the head office which, in addition to monitoring the activity of each hub, retains responsibility for identifying and acquiring additional hub brokerages.