Hub International Limited, a leading global insurance brokerage, has announced the acquisition of the assets of Scott Costolo, Inc., operating as C&L Marine Insurance. The financial details of the transaction have not been disclosed.
Based in Boca Raton, Florida, C&L Marine Insurance is an independent firm specializing in marine insurance solutions. As part of this strategic acquisition, Scott Costolo, president of C&L Marine Insurance, along with his team, will integrate into Hub Florida.
This acquisition aligns with Hub’s broader expansion strategy, capitalizing on the continued growth of the marine insurance sector. The industry has demonstrated strong performance over the past year, reflecting both global trends and regional market dynamics, according to Future Market Analytics.
North America remains a key player in the global marine insurance market, accounting for approximately $10.06 billion in 2024, representing over 40% of the total global revenue. The sector is projected to expand at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031. On a global scale, the market was valued at around $30.2 billion in 2023 and is expected to grow at a CAGR of 4% from 2024 to 2032.
Following the transaction, C&L Marine Insurance will continue to operate under its existing name as “C&L Marine Insurance, a Hub International company.”
This move comes amid Hub’s broader expansion efforts, including its recent launch of HUB Private Client Equine Risk Advisory Services. This new initiative is tailored to high-net-worth and ultra-high-net-worth individuals, providing specialized risk management solutions for horse ownership, riding, training, and equestrian activities. The advisory service extends coverage for equine assets, facilities, events, and liability exposures.
Leading this division, Laura Koester has been appointed as the HUB Equine Solutions practice leader. She will oversee a dedicated team focused on delivering comprehensive risk management strategies for both personal and professional equestrian pursuits.
With these strategic expansions, Hub International continues to strengthen its market presence, offering specialized insurance solutions to meet the evolving needs of its diverse clientele.
