Hub International Acquires C&L Marine Insurance
Global insurance brokerage Hub International Limited has finalized the acquisition of C&L Marine Insurance, a move that will see the Florida-based firm continue operating under its current brand. The financial details of the transaction remain undisclosed.
C&L Marine Insurance, located in Boca Raton, Florida, is an independent agency specializing in marine insurance solutions. As part of this acquisition, Scott Costolo, the president of C&L Marine Insurance, along with his team, will join Hub Florida. This expansion comes as the marine insurance sector continues to show promising growth, both nationally and globally.
Marine Insurance Market Trends
Marine insurance in the United States has been subject to notable trends in recent times, reflecting patterns seen globally in addition to regional specifics. According to Future Market Analytics, North America currently holds a significant share of the global marine insurance market. In 2024, the valuation of this market was approximately $10.06 billion, which accounts for over 40% of the total global revenue.
It is projected that the North American market will experience a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031. Globally, the marine insurance market was valued at about $30.2 billion in 2023 and is expected to grow at a CAGR of 4% between 2024 and 2032.
Strategic Expansion
Chris Gardner, the CEO of Hub Florida, has stated that the addition of Costolo and his team will bring valuable expertise to benefit Hub’s clients and will contribute to the expansion of the firm’s activities in the region.
Following the acquisition, C&L Marine Insurance will continue to operate as C&L Marine Insurance, a Hub International company, ensuring continuity for its existing clients. This acquisition follows another recent expansion by Hub, which announced the launch of HUB Private Client Equine Risk Advisory Services.
This new offering aims to assist high-net-worth clients in managing risks associated with horse ownership, riding, training, and other equestrian activities. It offers coverage and advisory services for equine assets, facilities, events, and liability exposures. Laura Koester will serve as the HUB Equine Solutions practice leader and will oversee the team in providing risk management solutions for both personal and professional equine activities.
