Wyoming’s largest independent insurance agency is no longer owned by the Wyomingites.
HUB International, an insurance company with more than 470 offices in the United States, acquired Wyoming Financial Insurance under a deal announced Wednesday.
Bob Moberly, the former CEO of Wyoming Financial Insurance, said the acquisition has been underway for more than two years. While the company prides itself on its local focus and customer base, Moberly said working for an international company should give insurance clients access to a wider range of resources such as analytical data and lawyers. compliance.
âIt’s unfortunate that he’s now owned by a foreign company, because I believe at WERCS (parent company Wyoming Employee Resource Capital and Services) all we stand for is trying to keep money in Wyoming, to build a better economy, âsays Moberly. âIn this particular case, it made sense to us.
“It’s like selling your senior, selling the insurance agency because they gave us capital, and 100% of the capital will be reinvested in Wyoming for this new direction we’re going.”
This new leadership will include expansion into the rural Internet market, Moberly said, with several mergers to come with WERCS in the near future.
Moberly said WERCS recently suffered a financial blow in its real estate division in Cheyenne, as state offices that were previously housed in their buildings moved and moved into a state-owned building. The company was left with mortgages to pay and no tenants to help pay them off, and Moberly said they anticipate something similar will happen to Casper once construction of the public building on West Collins Drive is completed.