HUB’s new proprietary offering enables small- to mid-sized financial institutions with more complete coverage possibilities to reduce their lender risks
Chicago, July 17, 2018 - Hub International Limited (Hub), a leading global insurance brokerage, announced today the launch of a new Mortgage Impairment (MI) Insurance Facility to provide small- and mid-tier financial institutions adequate protection and unique value-adds to reduce their lender risks and receive faster quotes.
Secondary Market MI insurance requirements are based on a sliding scale that directly correlates to the size of a financial institution’s portfolio of mortgages. However, these requirements are a bare minimum, and may not provide adequate coverage for a big claim or multiple claims in one calendar year.
“There are very limited MI options for small and mid-tier financial institutions that want a holistic solution for their lender risk management,” said Scott Eckerty, President of HUB’s Financial Institutions Specialty Practice. “HUB saw an opportunity to create a win-win for all by offering more value-adds for our clients and an opportunity for HUB to expand our offering to thousands of new customers regardless of the size of the financial institution.”
In addition to MI coverage provided in partnership with Lloyd’s of London, HUB is offering this underserved marketplace with value-adds to best protect clients’ businesses including the following:
- Balance of Perils Coverage (covering perils not required of the borrower)
- Ability to include significant earthquake limits for those clients with exposed portfolios
- Coverage for lenders across all real estate property loan types for the time between origination and loan sale.
As part of HUB’s recently announced Specialty Practices, MI insurance demonstrates the company’s tailored insurance solutions designed to best manage its financial institution clients’ risks.
“HUB’s expertise in financial intuitions enables us to better understand the unique lending risks our clients face and develop industry specific tailored insurance solutions that address their unique needs,” said Chris Riley, Senior Vice President & Program Manager of HUB’s Financial Institutions Specialty Practice. “By analyzing a lender’s portfolio, systemic risks, origination/servicing operations and risk tolerance, HUB can expedite the process and turn quotes around faster for our clients while offering a product with unique value-adds.”
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited (Hub) is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. From offices located throughout North America, HUB’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit hubinternational.com.