Maryland-based Sandy Spring Bank has sold its insurance arm to Hub International for an undisclosed amount.
The bank will continue to offer insurance products through a partnership with Hub International, a Chicago-headquartered broker.
Sandy Spring Bank’s insurance subsidiary specializes in commercial and personal insurance spanning the home, auto and marine sectors.
Executive vice president of the bank Lou Caceres said: “Our clients will now have access to an expanded offering of insurance solutions through Hub.
“All of the Sandy Spring Insurance Corporation employees have been offered positions with Hub, and they will continue to provide outstanding service to their clients as they always have. I want to thank each of these employees for their contributions to Sandy Spring Bank and all of the communities that we serve.”
Hub’s president for the DC Metro region Joe Brown added: “We are excited to welcome the Sandy Spring Insurance team to Hub. The team’s caliber and depth of experience will help us continue to grow in the region and better serve our clients who trust us with their insurance and risk management needs.”
At the same time, the bank announced a new chief administrative officer. Aaron Kaslow was promoted to the role after joining the bank in 2019. As general counsel, he helped the bank complete its acquisitions of Rembert Pendleton Jackson and Revere Bank in 2020.
Kaslow will remain general counsel, and his duties will expand to cover human resources, operations and information services.
It follows the promotion of Sherman Moore to the role of division executive of Sandy Spring Bank’s Private Client Group in late May. He now heads up a 40-strong team overseeing nearly $2 billion in investments.
Moore joined the bank in 2022 as senior vice president and private client group sales manager. He previously held senior leadership positions at PNC Bank and Riggs Bank.
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