Chicago-based Hub International Limited has announced some major changes in the operations of its Quebec-based hub, Martin Assurance & Gestion de Risques Inc. (Martin).
The company has signed a letter of intent to sell a portion of its Personal Lines book of business to a new corporation that will be under the direction of Mr. Euclide Cyr, who is currently an officer of Martin. “The divestiture, anticipated to be effective January 1, 2005, will allow Martin to focus solely on its Commercial Lines and V.I.P. Personal Lines clients,” said the announcement.
“The Quebec marketplace is continuing with its migration towards a direct insurance environment with respect to standard personal lines business. This transaction allows us to concentrate our efforts on what we do best,” stated Jean Martin, President and CEO of Martin. “We have a long tradition of service with commercial and high-wealth clients. A narrower focus will allow us to be even better as we address their unique needs in an ever-changing insurance marketplace. At the same time, the divestiture to Mr. Cyr’s group ensures that those clients who will be leaving us are going to continue to be in the capable hands of those who understand their insurance needs.”
Completion of the transaction is subject to further due diligence and customary regulatory approvals and conditions.
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