PowerBand to Offer Best-in-Class Personal Lines Automotive Insurance Solutions from HUB International for Luxury Car Owners
Vancouver, British Columbia, Canada and Chicago, Illinois, USA (September 1, 2020) — PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) (“PowerBand“, “PBX” or the “Company”) is pleased to announce that HUB International Ltd. (“HUB”), the world’s fifth largest insurance broker, will offer its personal lines automotive insurance solutions, on PowerBand’s virtual transaction platform to drivers across the United States, and soon after Canada, through PowerBand’s strategic partner, Texas-based D&P Holdings, Inc. (“D&P”).
PowerBand users can buy, lease, sell, trade and finance a vehicle from any location using a smart phone or digital device and now will have instant access to a wide assortment of insurance products for their vehicles through HUB International.
“PowerBand is delighted to partner with HUB, one of the most respected brands in personal insurance,” said CEO Kelly Jennings. “Our goal at PowerBand is to take unnecessary middlemen out of all aspects of the automotive retail business, to make acquiring a car and insurance as easy as buying a product from Amazon on your smart phone. This partnership with HUB is another important step in that direction by PowerBand.”
HUB is the largest privately-held personal insurance brokerage in the country. HUB personal insurance is a specialized practice dedicated to exclusively serve the insurance and risk management needs of individuals and mass affluent/high net worth.
“HUB is a leader in the multi-billion-dollar automotive insurance business,” said D&P CEO John Armstrong. “With HUB, and our other insurance and warranty providers, PowerBand will become a one-stop virtual platform to buy, sell, lease, trade, finance — and get the insurance you need from multiple carriers, with multiple solutions.”
“HUB is very excited to work with PowerBand. Their clientele of luxury car buyers aligns with our key strength to provide comprehensive personal insurance that protects personal and professional assets for our mass affluent customer base,” said Beverly Campbell, Senior Vice President, Personal Lines Strategy and Business Development at HUB. “This new partnership will give PowerBand’s clients the ability to access our competitive automotive insurance products. Additionally, we estimate that the new relationship will deliver up to 5,000 new automotive insurance clients per year for HUB as the program grows.”
D&P is one of the United States’ largest administrators of automotive warranty and insurance products, directly working with more than 850 dealerships in all 50 states. It is the managing general agency for The Hanover Insurance Group, which has a $3.8-billlion market valuation. D&P recently converted more than USD $6 million into a minority ownership share in PowerBand’s U.S. and Canadian operations. D&P will receive a commission from HUB for each new client that results from the partnership.
PowerBand’s vehicle protection offerings have also been augmented by CARco, the general insurance agency that works with six national insurance companies and more than 1,000 agents, with reach into thousands of auto dealerships nationwide. It joined D&P to offer CARco’s vehicle protection products on PowerBand. CARco administers more than 100,000 new protection products every month across the United States.
PowerBand’s first lease originations have begun on its leasing platform operated by MUSA Holdings, LLC (“MUSA”), which PowerBand acquired a 60 per cent share of in July 2019. Founded in 2016, MUSA’s innovative transaction platform provides dealers and consumers with the most advanced leasing options in the industry. MUSA takes applications, calculates leases, auto-decisions applications, provides approvals back to dealer partners and prefills lease contracts accurately. Approvals can occur in seconds. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — is being made available across North American and global markets.
About HUB International
Headquartered in Chicago, Illinois, HUB International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 12,000 employees in offices located throughout North America, HUB’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit www.hubinternational.com.
For further information, please contact:
Richard Goldman, VP Corporate Development, PowerBand Solutions
Marni Gordon, VP Corporate Communications, HUB International
This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.