Hub International, a US-based insurance intermediary, has expanded its operations with the acquisition of WestStar Insurance from WestStar Bank.
The financial terms of the deal, which sees the El Paso-based insurance agency join Hub Texas, have not been disclosed.
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WestStar Insurance, a subsidiary of WestStar Bank, is engaged in offering its tailored business, employee benefits, and personal insurance products.
With more than $3bn in assets, WestStar Bank is a commercial bank in the Borderplex Region.
The bank’s insurance team will relocate to Hub’s offices within the WestStar Tower.
Piper Sandler acted as the financial advisor to WestStar Insurance during the transaction.
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By GlobalDataHub, headquartered in Chicago, Illinois, offers a wide range of services including risk management, insurance, and wealth management.
Hub International area president of West Texas Don Margo said: “We are pleased to welcome the WestStar Insurance team and to expand our existing presence in 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.”
WestStar Bank executive chairman L Frederick Francis said: “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.”
Recently, Hub introduced an aviation risk advisory service for high-net-worth individuals.
Called HUB Private Client Aviation Risk Advisory Services, this service provides guidance on aircraft insurance, ensuring compliance and safety for private aircraft owners.
It includes bespoke solutions for purchasing, leasing, or chartering aircraft, addressing maintenance, pilot experience, liability coverage, availability of replacement parts, and insurance valuation.
The service also advises on whether to opt for professional aircraft management or personal maintenance, catering to the unique needs of private aircraft owners.
