On the heels of its April 21st acquisition of Massachusetts’ IBG Financial Partners, Hub New England has acquired another New England agency, the Ion Insurance Corporation of Connecticut.
Headquartered in Cheshire, Connecticut, Ion Insurance is a full service, independent insurance agency providing personal and business insurance solutions throughout the region. According to the terms of the transaction, David Drescher, Managing Director of Southern New England, as well as the rest of his Ion Insurance team will join Hub New England with the goal of leading Hub’s strategy in Connecticut. No further terms of the transaction were disclosed.
“We are excited to have David and his talented team join our group to strengthen our commitment and approach to Southern New England,” said Shawn McLaughlin, President of Hub New England. “With Ion Insurance, we will provide clients with the best of both worlds – the benefits of local services with deep resources and the strength of a national firm.”
David Rotatori, President & CEO of Ion Bank, stated that the sale will provide additional capital for the financial institution, allowing the Bank to reinvest into the communities that Ion serves and to continue with their expansion into other towns and cities in Connecticut. “Ion Bank is committed to serving our customers, communities and employees, and this transaction allows us more flexibility, benefiting all of these groups,” said Rotatori.
Ion Bank is donating a portion of the proceeds from the sale to its Foundation
Ion Bank also noted that a portion of the proceeds from the sale have been donated to the Ion Bank Foundation. Established in 1998, the Foundation has grown from an initial $2 million contribution by the Bank to more than $12.5 million in assets, through earnings and additional contributions. Since its inception in 1998, cumulative grants for purposes ranging from improving social services to enhancing the arts have exceeded $9 million.
Customers of Ion Insurance will see no change in their accounts as a result of the sale according to Drescher. “Ion Insurance customers will still be serviced by the same team they have come to know and trust. There will be no disruption to our customers, and they will benefit from the expertise and enjoy a wider array of products that Hub offers,” said Drescher.
Hub New England continues to grow its geographic footprint throughout New England
With the addition of Ion Insurance Corporation, Hub continues to grow its presence throughout New England. As one of the largest insurance brokers in the region, this latest addition marks the brokerage firm’s fourth agency acquisition in New England so far in 2021. The following is a list of other agencies that Hub New England has acquired recently and that have been covered by Agency Checklists:
- Hub Acquires Massachusetts-Based IBG Financial Partners, LLC (April 23, 2021)
- Hub NE Expands In Vermont With Finn & Stone, Inc. Acquisition (March 9, 2021)
- Hub Acquires The Alpha Pension Group (January 26, 2021)
- Hub Acquires Its Second Massachusetts Agency In 2020 -Baystate Fiduciary Advisors, Inc. (November 17, 2020)
- Hub Acquires Massachusetts-Based Lashua-LaChance & Poliks Insurance Agency, Inc. (May 19, 2020)
- HUB New England Acquires The Insurance Center of New England (August 6, 2019)
- Dadgar Insurance Acquired By Hub (December 18, 2018)
- HUB New England Announces Two More Acquisitions In Massachusetts (March 13, 2018)
- Hub Acquires FieldEddy (October 2014)
More about Hub International and Hub New England
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in 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.
Since joining HUB in 2000, HUB New England has acquired the strongest partners in the region to expand its programs, specialties and capabilities. The company traces its roots back to some of the most well-known and reputable insurance agencies in the area that operate today as HUB New England. Our business model allows our clients to receive the many benefits of a national network at a local level.