Why did Hub International acquire Intercontinental Growth Strategies, and what does it mean for clients in trade credit insurance?

Hub International Limited, one of North America’s largest insurance and financial services brokerages, has expanded its specialized services footprint by acquiring the assets of Intercontinental Growth Strategies (IGS), a Chicago-headquartered brokerage focused exclusively on trade credit insurance. The financial terms of the deal were not disclosed.

By bringing IGS into its network, Hub International aims to deepen its trade credit and political risk advisory services—particularly within its Financial Institutions Specialty and Complex Risk verticals. The strategic move comes amid growing demand for credit insurance and receivables protection as global businesses grapple with inflationary pressures, delayed payments, and macroeconomic volatility.

The transaction adds both niche expertise and geographic strength to Hub’s already expansive Midwest operations, as IGS has long catered to clients ranging from mid-market exporters to large multinational corporations across Illinois and surrounding states.

What does Intercontinental Growth Strategies bring to Hub’s specialty risk and insurance portfolio?

Founded in Chicago, Intercontinental Growth Strategies has built its reputation on helping clients aggressively grow sales while mitigating the risks associated with customer non-payment or insolvency. Through bespoke trade credit insurance solutions, IGS enables businesses to safely extend credit terms and access financing facilities that might otherwise be unavailable.

IGS’s core offering revolves around tailoring trade credit insurance programs to fit industry-specific needs—whether protecting receivables in volatile markets or supporting bank-backed transactions through coverage that enhances borrowing capacity. This focus on both protection and growth has made IGS a valuable partner for companies with international exposure or those scaling operations with thin margins.

For clients in capital-intensive sectors such as manufacturing, distribution, and logistics, IGS has offered tools to navigate payment default risk without compromising on commercial momentum. Its advisors work closely with underwriters, reinsurers, and lenders to structure credit programs that unlock working capital while safeguarding against bad debt.

With this acquisition, Hub International is expected to fold IGS’s boutique-style advisory approach into its broader institutional risk infrastructure—delivering a layered, scalable offering that spans trade credit, political risk, accounts receivable financing, and supply chain protection.

How does this deal align with Hub International’s broader strategy in the financial institutions sector?

Seth Hopkins, Chief Marketing Officer and Property & Casualty Practice Leader for Hub Midwest, emphasized the strategic fit of IGS within Hub’s financial institutions and complex risk practice. In a statement announcing the deal, Hopkins noted:

“We’re excited for IGS to join us. Their industry focus supports our Financial Institutions Specialty and Complex Risk practice by complementing and strengthening our existing capabilities.”

This signals Hub’s continued focus on building vertically integrated solutions for sophisticated commercial clients—especially those exposed to cross-border trade, receivables volatility, or liquidity risk. The integration of IGS provides Hub with additional tools to serve banks, alternative lenders, private equity firms, and corporates managing complex financial exposures.

Over the last several years, Hub International has made a concerted push into specialty insurance, bundling domain-specific expertise with its core brokerage offerings. This includes tailored coverage in areas like aviation, agriculture, cyber liability, cannabis, and now trade credit.

The firm’s financial institutions segment has increasingly focused on advising clients in areas such as structured credit, financial guarantees, and transaction liability. By absorbing IGS, Hub can now offer these clients enhanced advisory in managing cash flow disruptions and geopolitical uncertainty.

What is the market context behind growing interest in trade credit insurance in 2022?

The acquisition of IGS reflects broader trends in the credit insurance landscape. In 2022, businesses across North America have faced tightening credit conditions, longer payment cycles, and increased bankruptcies in certain sectors—all of which have driven demand for insurance products that protect accounts receivable.

Trade credit insurance, historically seen as a niche product primarily used by exporters, is increasingly being adopted by domestic businesses looking to enhance financial stability. Industry data indicates that insured receivables across North America rose by more than 12% year-on-year during the first half of 2022, reflecting a broader shift toward proactive credit risk management.

This surge is tied to economic headwinds including interest rate hikes, supply chain shocks, and war-related disruptions in Europe. In such an environment, firms are increasingly turning to brokers like IGS to navigate risk-sensitive receivables portfolios, especially when working with new buyers or entering emerging markets.

For financial institutions and commercial lenders, credit insurance has also become a useful risk transfer tool, enabling more aggressive lending while maintaining balance sheet discipline. These demand drivers have pushed specialist brokerages like IGS into the spotlight—and made them attractive acquisition targets for large players like Hub.

How does the acquisition fit into Hub International’s M&A-driven growth model?

Hub International has long used M&A as a core lever for expansion. Since its formation in 1998 through the merger of 11 Canadian brokerages, the Chicago-headquartered firm has executed hundreds of acquisitions to deepen its regional footprint and add specialized capabilities.

Hub’s deal activity is typically focused on small-to-mid-sized brokerages with deep local relationships and industry-specific knowledge—such as IGS. These acquired firms are integrated into Hub’s decentralized operating model, which gives local leadership autonomy while benefitting from shared services, capital, and strategic support.

According to prior filings and media coverage, Hub has completed more than 50 acquisitions annually in recent years, funded in part by private equity backing from Hellman & Friedman. These transactions often target niche verticals—employee benefits, surety bonds, cyber liability, and now trade credit—enabling Hub to position itself as a one-stop solution across client segments.

In IGS’s case, the addition enhances both product diversity and domain expertise within the Midwest region, while positioning Hub to win more complex financial risk mandates nationally.

What’s next for clients and staff following the IGS acquisition by Hub International?

While no financial terms were disclosed, Hub International has confirmed that the integration of Intercontinental Growth Strategies includes both its client book and team members. This ensures continuity for existing clients while giving IGS personnel access to expanded resources and tools within the Hub ecosystem.

As trade credit insurance becomes more embedded in corporate finance and trade workflows, the synergy between IGS’s advisory capabilities and Hub’s national scale is expected to drive growth across multiple industries. Clients stand to benefit from broader underwriter relationships, analytics support, and multi-line bundling—whether they’re using trade credit as a growth enabler or a financial safeguard.

The move also reflects a broader consolidation trend in the commercial insurance space, as large brokerages increasingly absorb smaller, specialized firms to meet demand for integrated advisory services across risk categories.