Hub International has strengthened its credit insurance and risk management capabilities by acquiring Ottawa-based Jaimac Risk Management Inc.
Chicago-based global brokerage Hub announced the acquisition Friday. Jaimac is an independent insurance brokerage specializing in risk management and credit insurance for companies with unique risk-mitigation needs.
Jaimac president Paul Turner and the Jaimac team will join Hub Ontario, the large brokerage said in a press release.
Turner founded Jaimac in 2005. “Most brokerages view credit insurance as an add-on to their core product offering,” Jaimac said on its website. “Credit and political risk insurance is our only line of business.”
The company offers tailored portfolio structuring, risk mitigation and debt resolution.
In effect, credit insurance protects a seller when a buyer (the customer) cannot pay. Non-payment can be triggered by a variety of reasons, including insolvency of the buyer or a default on payment as a result of cash flow problems. Other risks covered by credit risk insurance include non-acceptance of goods and political risks associated with specific geographic markets.
Hub has been relatively quiet on the Canadian P&C mergers and acquisitions front this year, but has made other acquisitions, strategic agreements, partnerships and product offerings.
For example, in March, Hub partnered with Acturis, a software-as-a-service provider to the insurance industry, to launch a digital choice platform. The multi-carrier digital platform provides Hub’s small business clients in Canada with real-time, competitive and multiple commercial insurance quotes.
The brokerage also added to its Canadian executive management team in March:
- Barbara MacPhail was promoted to executive vice president of strategic initiatives for Canada.
- Terri Botosan is in the newly-created position of regional president of employee benefits, retirement & life for Canada.
- David Moon is in another newly-created role as regional president of western Canada.
- Karim Chandani is Hub International’s cross-border practice leader for its hospitality specialty division.
Feature image by iStock.com/ljubaphoto
