Expands Growing Presence in Transportation Insurance Brokerage
CHICAGO, January 31 /CNW/ - Hub International Limited (NYSE: HBG) (TSX:
HBG) announced today that it will continue its penetration of the
transportation insurance market by acquiring New Jersey-based Bart Proud
Insurance (Proud). The $3 million revenue broker has entered into a definitive
purchase agreement with Hub International Pennsylvania (HUB Pennsylvania). The
proposed transaction will support Hub International's initiative to expand its
transportation insurance specialty focus.
Founded in 1964 by Bart Proud, 63, the Manasquan, New Jersey insurance
broker specializes in transportation risk and is a managing general agent for
Occidental Fire and Marine.
"We have been familiar with the Bart Proud name for quite a while and
have great respect for its operations," said Dale Kaufman, president of HUB
International Transportation Insurance Services Inc. (HUB Transportation). "We
are particularly enthusiastic about the rapid expansion of our service to the
transportation market and to HUB's fast-growing specialty in transportation
Late last year, HUB announced plans to establish a specialty hub through
the acquisition of Kaufman & Kaufman, based in Salt Lake City. Recently, HUB
announced plans to acquire Coburn Insurance Agency, Inc., a trucking insurance
specialty brokerage based in Vermont. As a result of these acquisitions, HUB
will have one of the nation's largest transportation insurance specialty
practices, with an emphasis on trucking.
"Hub International will provide an important platform for growth in the
transportation sector, while also expanding our product line to include
personal lines, employee benefits and property coverage," said Bart Proud,
founder and president of Bart Proud Insurance. "We see great potential for new
customer development and expanded cross-selling to existing clients."
Terms of the transaction were not disclosed.
Headquartered in Chicago, IL, Hub International Limited is a leading
North American insurance brokerage that provides a broad array of property and
casualty, reinsurance, life and health, employee benefits, investment and risk
management products and services through offices located in the United States
This press release may contain forward-looking statements that reflect
our current views with respect to future events and financial performance.
These forward-looking statements relate, among other things, to our plans and
objectives for future operations and are subject to uncertainties and other
factors that could cause actual results to differ materially from such
statements. These uncertainties and other factors include, but are not limited
to, risks associated with implementing our business strategies, identifying
and consummating acquisitions, integrating acquired brokerages, attaining
greater market share, developing and implementing effective information
technology systems, recruiting and retaining qualified employees, fluctuations
in the premiums charged by insurance companies with corresponding fluctuations
in our premium-based revenue, any loss of services of key executives, industry
consolidation, increased competition in the industry, fluctuations in the
demand for insurance products, exchange rates, resolution of regulatory
issues, including those related to compensation arrangements with insurance
companies, the actual costs of resolution of contingent liabilities and the
passage of new legislation subjecting our business to regulation in
jurisdictions where we operate. We caution readers not to place undue reliance
on these forward-looking statements, which speak only as of the date of this
press release. Additional information regarding these risks and other factors
that could cause Hub International's actual results to differ materially from
our expectations is contained in the company's filings with the Securities and
Exchange Commission and the Canadian securities commissions. Except as
otherwise required by federal securities laws, Hub International undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For further information:
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