HUB International Limited (NYSE:HBG) (TSX:HBG) announced today the acquisition of Kaufman & Kaufman Insurance, a $9 million revenue brokerage based in Salt Lake City, UT. With this acquisition, HUB will expand its specialization in transportation insurance brokerage and will establish a specialty hub headquartered in Salt Lake City, UT, with Dale Kaufman as its president. Financial terms of the transaction were not disclosed.
Founded in 1965, Kaufman & Kaufman is the largest independent brokerage in the western states specializing in transportation-related coverage and represents over 40 of the leading U.S. insurance carriers that specialize in transportation risks. In addition to its core Salt Lake City operations, the company benefits from a successful premium finance division and satellite offices in Boise, ID, Portland, OR and Denver, CO.
"The addition of Kaufman & Kaufman to the Hub International organization is a major opportunity for our companies and our customers," said Martin P. Hughes, HUB's chairman and chief executive officer. "Kaufman & Kaufman increases both our national transportation market share and our regional penetration in the western United States."
"HUB International can expand our services and products to existing clients, while we deliver our unique expertise throughout HUB's North American footprint," said Dale Kaufman, president of Kaufman and Kaufman. "We see great opportunity for growth in the transportation sector through this transaction."
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.
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.