HUB International is a global insurance company. It came into existence in 1998 when 11 privately held insurance brokerages decided to merge into one. Thanks to that merger, today, HUB International is one of the largest insurance brokers in the world. HUB International started trading on the Toronto Stock Exchange in 1999 and on the New York Stock Exchange in 2002. In 2006, its market capitalization reached the $1 billion limit for the first time. Throughout the years, HUB International has acquired companies the likes of Hibernia Insurance Agency, Totten Insurance Group, BNC Insurance Services and HKMB International Insurance Brokers.
HUB International is licenced to provide insurance in all 50 states in the United States and all provinces and territories in Canada. After great success in North America, HUB International decided to open an office in Brazil and work on expanding its Latin American sales. The way HUB International works is that it has large regional hubs. These hubs conduct business through more than 250 satellite offices in North America. HUB International prides itself on this structure, which allows it to service local markets while organizing itself centrally at the same time. HUB International employs more than 5,000 people in North America.
HUB International’s corporate headquarters is located in Chicago, and its CEO and Chairman of the Board of Directors is Martin P. Hughes. Richard A. Gulliver is the president of the company, and W. Kirk James is the COO. Some of the many products available through HUB International include homeowner’s insurance, personal excess liability, renter’s insurance, flood coverage, auto insurance, boat insurance, travel insurance, identity theft protection, health insurance, equine insurance and life insurance.
Life insurance is available through employer-sponsored groups. Insurees receive insurance as a group, not as individuals. HUB International offers term life insurance, universal life insurance and whole life insurance. Term life insurance is a life insurance policy that only provides coverage for a specific period of time. If you die within the coverage period, and if you’ve been keeping up to date with your premium payments, your beneficiaries will receive a death benefit. Usually, term life insurance is the cheapest way to afford a substantial death benefit, even if it is only for a limited period of time.
In contrast to term life insurance, whole life insurance and universal life insurance remain in force for the insuree’s entire life. Some forms of whole life insurance include non-participating, participating, indeterminate premium, economic, limited pay, single premium or interest sensitive. Usually, you will pay premiums for your entire life, but in some cases, you may be allowed to pay for the entire policy within just a few years. Universal life insurance will allow you to build up something called a cash value. A cash value is the amount of money that the insurance company will return to you if you cancel the policy. Cash values can be used for other things as well; for example, the cash value can be used as collateral on a loan.