Hub International Limited, a global insurance brokerage based in Chicago, announced this month that it has acquired the assets of Ion Insurance Corporation.
Terms of the deal were not disclosed.
Ion Insurance, which is headquartered in Cheshire and affiliated with the Naugatuck-based Ion Bank, is an independent insurance agency. Customers of Ion Insurance will see no change in their accounts as a result of the sale, a news release stated.
David Rotatori, president and CEO of Ion Bank, said in the release the sale will provide additional capital for the bank to reinvest in the community and continue its 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,” Rotatori said.
An undisclosed portion of the proceeds from the sale were donated to the Ion Bank Foundation.