Markets/Coverages: Hub Int’l Forms Partnership With Largest Trucking Broker in Mexico

Hub International Ltd. (HUB), the Chicago-based insurance broker, announced an exclusive referral and broker program partnership throughout the U.S., Canada and Mexico with MAS Seguros, the largest trucking insurance broker in Mexico.

The partnership is a response to Mexico’s growing influence in the global economy and a reflection of HUB’s and MAS Seguros’ commitment to expanding its capabilities to better serve clients doing business throughout North America, HUB said.

Due to changing global political relationships and policies, there has been a significant move for manufacturing operations to Mexico, according to HUB, quoting a CNN article.

This trend comes with increased risk and insurance challenges when transporting goods cross-border, HUB said, explaining that organizations face regulatory compliance issues, crime, product damage, catastrophic weather events and accidents.

Additionally, more transportation firms from Mexico are moving to the U.S. As a result, there is an emerging transportation and logistics need to manage risk and insure freight, property and assets while transporting goods into Mexico for manufacturing and then back to the U.S. and Canada.

“The changing landscape of Mexico’s economy, modernization of trade agreements and the growing trend of companies nearshoring production closer to North American markets have fueled an increased demand for on-the-ground guidance and a seamless cross-border insurance, risk and compliance supply chain solution,” said Lisa R. Paul, chief strategy officer, Transportation Specialty Practice at HUB International, in a statement.

Headquartered in Mexico City, Mexico, MAS Seguros has more than 30 years of experience in heavy trucks and provides risk advisory to clients by offering insurance products, coverage programs and best-in-class services from underwriting to claims management. With 26 locations across Mexico, they serve more than 4,500 clients with over 65,000 insured units

Both organizations’ clients will have access to best-in-class capabilities through an established network of insurance, risk and claims professionals as well as referrals to legal professionals in all three countries, HUB continued.

Clients will also have access to an integrated, user-friendly digital interface to manage their telematics data and transportation operations through HUB’s proprietary technology platform, HUB Drive Online. The seamless cross-border solution is for any product transported across North American borders by air, sea, truck or rail.

“Partnering with HUB is a game-changer for our operations as it helps expand our reach beyond Mexico and offer a truly North American solution,” said Alejandro Rentería, managing partner and co-CEO of MAS Seguros.

“By combining our deep knowledge of the Mexican market with HUB’s extensive network, expertise, and technology platform, we are well-positioned to deliver seamless cross-border insurance and risk management solutions to our clients,” Rentería said. “We look forward to working with HUB, which will make us stronger and more competitive to face the growing need for trusted advisors as complexity grows in the manufacturing and transportation industries.”

Source: Hub International Ltd.