Global insurance brokerage and financial services company Hub International as acquired the assets of Alliance Insurance Agency.
Terms of the transaction between Hub and Alliance were not disclosed and Alliance will do business as Compass Insurance Agency.
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Headquartered in Grand Rapids, Michigan, Compass is an independent agency providing personal insurance such as home and auto, and commercial insurance. The Compass Insurance Agency team and Alliance will join Hub Michigan.
Compass Insurance Agency will be referred to as Compass Insurance Agency, a Hub International company.
Earlier in the year, Hub International unveiled Hub Builder’s Risk Insurance Solutions, a new offering designed to streamline risk management for construction projects.
The new service targets project owners, general contractors and developers, providing them with insurance coverage that complies with carrier underwriting requirements, thereby minimising project risks and delays.
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By GlobalDataHub said builder’s risk insurance is key for handling property damage claims associated with construction activities.
To secure such coverage, project owners typically need to meet specific carrier underwriting standards, which often include the installation of water mitigation, fire resistance technologies and site security systems.
This process usually involves contracting multiple vendors or contractors.
Hub Builder’s Risk Insurance Solutions addresses this challenge by integrating services from highly rated third-party vendors.
