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May 10, 2021

Ion Bank sells insurance arm to Chicago brokerage firm

HBJ Photo | Steve Laschever Ion Bank CEO David Rotatori.
By Zachary Vasile

Hub International, a global insurance brokerage headquartered in Chicago, has acquired Cheshire-based Ion Insurance Corp., an affiliate of Ion Bank.

In a statement released Monday, company officials said Ion Insurance will become part of Hub’s New England unit and “spearhead and execute” on the firm’s strategy in Connecticut specifically.

A purchase price was not disclosed.

David Rotatori, president and CEO of Ion Bank, said the sale will allow the bank to reinvest into the communities it serves and help finance its continued expansion into other towns and cities in Connecticut. A portion of the proceeds from the sale have been allocated to the Ion Bank Foundation, which contributes to an array of health, education and economic development organizations.

Customers of Ion Insurance will see no changes in their accounts and will continue to be served “by the same team they have come to know and trust,” Ion Insurance officials said.

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