New HUB Specialty to Provide Tailored, Practical Solutions to Help Nonprofits Operate Responsibly and Efficiently While Remaining True to Their Missions
HUB International Limited (HUB), a leading global insurance brokerage and financial services firm, announced today the launch of its Nonprofit Specialty practice, HUB’s 10th Specialty in five years. The formation of the practice formalizes HUB’s capabilities in serving the unique risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations.
“HUB has a long-proven track record of successfully assisting nonprofit organizations and creating a new Nonprofit Specialty practice formalizes our work in this area,” said Marc Cohen, CEO and President of HUB International. “Nonprofits face unique operational, financial, and governance challenges, and our specialized brokers will help them flourish by offering proactive consultation and advice to protect against all aspects of their risk.”
HUB’s nonprofit insurance veteran Scott Konrad will lead the new specialty practice. He will be responsible for galvanizing HUB’s decades of nonprofit client experience, industry relationships and sector engagement to develop innovative risk management, insurance and human capital products and solutions. Konrad is a nationally recognized author and speaker on nonprofit risk management themes with direct experience as a servant leader of nonprofit civic, religious and professional organizations, including the Nonprofit Risk Management Center’s Corporate Advisory Council.
According to Independent Sector, nonprofits make up 10% of the American workforce, the third largest in the U.S., behind retail and manufacturing. In Canada, there are more than 170,000 charitable and nonprofit organizations, and over 85,000 of these are registered charities recognized by the Canada Revenue Agency. According to Statistics Canada, nonprofits represent nearly 13% of all jobs in Canada.
“Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn -- in reducing risk, safeguarding their assets, and taking care of their people,” said Konrad. “We understand the charitable sector’s challenges, needs, and temperament, and use our skills and resources to tackle issues such as board protection, talent recruitment and retention, volunteer risk management, and more. By lightening the burden for busy nonprofit leaders so they can focus on mission, we’re an effective catalyst for the greater good.”
“Having a dedicated practice supports our effort to build out more specialized products, expand carrier relationships and provide industry specific integrated P&C, employee benefits and retirement solutions for our customers,” added Chris Treanor, HUB President of Programs & Specialties. “This is a unique sector of the economy with unique needs, and we are excited to provide specific services to fuel its success.”
HUB Specialties have helped position the firm for continued growth, scale up and enhance the firm's already deep expertise and strong industry knowledge to provide tailored solutions for clients. Other HUB Specialty practices include Agriculture, Cannabis, Construction, Entertainment/Sports, Financial Institutions, Healthcare, Hospitality, Transportation and Real Estate.
Learn more about the Nonprofit Specialty practice, here.
