Hub International to Acquire One of the Largest Arizona-Based Insurance Brokers

    New Arizona Hub Will Provide Platform for Further Sunbelt Growth

    CHICAGO, March 15 /CNW/ - Hub International Limited (NYSE:  HBG) (TSX:HBG)
announced today that it has agreed to acquire substantially all of the assets
of BNC Insurance Services, Inc., one of the largest Arizona-based insurance
brokers. The brokerage, which does business as Milne & BNC Insurance Services,
has approximately $19 million in revenue. This operation will become a new
regional platform (hub) doing business as Hub International Milne (HUB Milne).

    Based in Phoenix, Milne & BNC Insurance has 85 employees at offices in
Phoenix, Prescott Valley, Cottonwood and Tucson, Arizona; Bismarck, Mandan and
Linton, North Dakota; and Englewood, Colorado. Richard Milne, president of
Milne & BNC Insurance, will become president of HUB Milne's Arizona-based
operations. The North Dakota offices will be folded into HUB Mountain States
and the Colorado office will be folded into HUB Southwest.

    "The BNC acquisition presents a tremendous market opportunity to become
established in the Phoenix metropolitan area, one of the fastest growing
communities in the United States," said Martin P. Hughes, Hub International's
chairman and chief executive officer. "It also presents a promising
opportunity for growth for our HUB Southwest and HUB Mountain States
operations through collaboration and an extended reach in the west region,"
Hughes added.

    The brokerage was founded in 1990 and purchased in 2002 by BNC National
Bank, a subsidiary of BNCCORP, Inc. (NASDAQ:  BNCC). The BNC Insurance
acquisition will mark the fourth major purchase by Hub International of a
large brokerage operation from a financial institution.

    "Getting back to our core business and joining HUB will make us a more
valuable resource for our clients and business partners," said Milne. "The HUB
transaction also will allow our clients to enjoy expanded product offerings
and specialized insurance expertise."

    The transaction, which is structured as an asset purchase, is subject to
BNCCORP shareholder approval, as well as customary closing conditions. It is
expected to close at the end of the second quarter or the beginning of 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
and Canada.

    Important Additional Information will be Filed with Securities

    As previously announced, Hub has entered into an Arrangement Agreement
pursuant to which Hub will be acquired by funds advised by Apax Partners and
Morgan Stanley Principal Investments. Hub has filed a copy of the Arrangement
Agreement with the Securities and Exchange Commission and Canadian securities
regulators. In connection with the proposed transaction, Hub will file a proxy
statement with the Securities and Exchange Commission and Canadian securities

    Investors and security holders may obtain a free copy of the Arrangement
Agreement and proxy statement (when available) and other documents filed by
Hub at the Securities and Exchange Commission's Web site at
and at the Canadian securities regulators Web site at
The proxy statement and such other documents also may be obtained for free
from Hub by directing such request to Investor Relations, Hub International
Limited, 55 East Jackson Boulevard, Chicago, IL 60604, telephone: (877)

    Hub and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the solicitation
of proxies from Hub's shareholders in connection with the proposed
transaction. Information concerning the interests of Hub's management who are
participating in the solicitation, which may be different than those of Hub
shareholders generally, is set forth in Hub's proxy statements and Annual
Reports on Form 10-K, filed with the Securities and Exchange Commission, and
in the proxy statement relating to the transaction when it becomes available.

    Forward Looking Statements:

    This press release may contain "forward-looking statements" as defined in
Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), that reflect our current expectations regarding our future growth,
results of operations, cash flows, performance and business prospects, and
opportunities, as well as assumptions made by, and information currently
available to, our management. We have used words such as "anticipate,"
"believe," "expect," "intend," "plan," "project," "will continue," "will
likely result," and similar expressions to indicate forward-looking
statements, however, these words are not the exclusive means of identifying
these forward-looking statements. These statements are based on information
currently available to us and are subject to various risks, uncertainties, and
other factors that could cause our actual growth, results of operations,
financial condition, cash flows, performance and business prospects, and
opportunities to differ materially from those expressed in, or implied by,
these statements, including, but not limited to: risks associated with
implementing our business strategies, identifying and consummating
acquisitions, successfully integrating acquired businesses, attaining greater
market share, resolution of regulatory issues and litigation, including those
related to compensation arrangements with insurance carriers, the possibility
that the receipt of contingent compensation from insurance carriers could be
prohibited, developing and implementing effective information technology
systems, recruiting and retaining qualified employees, fluctuations in the
demand for insurance products, fluctuations in the premiums charged by
insurance carriers, with corresponding fluctuations in our premium-based
revenue, fluctuations in foreign currency exchange rates, any loss of services
of key executive officers, industry consolidation, increased competition in
the industry, the actual costs of resolution of contingent liabilities, the
passage of new federal, state or provincial legislation subjecting our
business to regulation in the jurisdictions in which we operate, and those
discussed in our Annual Report on Form 10-K, particularly under the caption
"Risk Factors," filed with the Securities and Exchange Commission and the
Canadian securities commissions. These uncertainties and other factors also
include, but are not limited to, risks associated with the transaction
contemplated by the Arrangement Agreement, including the occurrence of any
event, change or other circumstances that could give rise to the termination
of the Arrangement Agreement, the inability to complete the transaction due to
the failure to obtain shareholder approval or the failure to satisfy other
conditions to completion of the transaction, including the expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
the failure to obtain the necessary debt financing arrangements set forth in
commitment letters received in connection with the transaction, risks that the
proposed transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction. Many of the
factors that will determine the outcome of the subject matter of this press
release are beyond Hub's ability to control or predict. We caution readers not
to place undue reliance on these forward-looking statements, which speak only
as of the date of this press release. Except as otherwise expressly required
by federal or provincial securities laws, we undertake no obligation to update
or publicly announce the revision of any of the forward-looking statements
contained herein to reflect new information, future events, developments or
changed circumstances or for any other reason.

For further information:

For further information: Hub International Limited Media Contacts: W.
Kirk James Vice President, Secretary and Chief Corporate Development Officer
Phone: 312.279.4881 or Heather Schneider
Corporate Communications Director Phone: 312.279.4683 or Investor Contact: John Graham Chief
Financial Officer Phone: 312.279.4840

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