Deal Creates Substantial Canadian Wholesale Intermediary
CHICAGO, September 19 /CNW/ - Hub International Limited announced today
that one of its subsidiaries has entered into a definitive agreement to
acquire all of the stock of Totten Insurance Group Inc. (Totten), a Canadian
specialty insurance wholesaler that develops niche products and provides
solutions for unusual lines of business. Totten, together with HUB Ontario's
existing wholesale companies, will operate as a separate hub in concert with
Hub International's other Canadian wholesale operations across Canada.
Formed in October 2002, Totten has established strong relationships with
both domestic and international markets and consists of a team of
professionals having decades of experience.
"Aligning ourselves with HUB gives us the financial base to explore more
opportunities in the wholesale intermediary field," said H. Ross Totten, FCIP,
CCIB, president and chief executive officer of Totten. "Hub International's
resources coupled with our independence as a separate hub allow us to offer
our brokers and markets a broader range of niche products going forward as a
The current wholesale operations of Hub International Ontario Limited
(HUB Ontario), The Wholesale Insurance Group and Cross Border Underwriting
Services Inc., will merge with the newly acquired entity, and moving forward,
the combined business will operate as Totten Insurance Group. H. Ross Totten
will become the president and chief executive officer of the newly formed hub.
The amalgamation will result in a $58 million in premium wholesale operation
with offices located in Brampton, Moncton, Mississauga, Winnipeg and London,
Ontario. The staff of approximately 75, including all operations, will remain
"The wholesale intermediary insurance business has a significantly
different focus than a retail property and casualty brokerage," said Dennis
Pauls, president and chief executive officer of HUB Ontario. "Conducting the
wholesale operations in a separate hub will allow HUB Ontario to focus on
building its retail operations and dedicating more time and energy to its core
The closing of the transaction is subject to various customary closing
conditions. The parties expect to close the transaction during the third
quarter of 2007.
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
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