Hub International Limited (NYSE: HBG) (TSX: HBG) today announced that their Wilmington, Massachusetts-based hub, C.J. McCarthy Insurance Agency (McCarthy) has purchased for an undisclosed amount of cash the assets of Lyman Insurance Agency, Inc. and Conly-Lyman Insurance Agency, Inc. (Lyman). Lyman has two offices in the state. Lyman's Woburn office will relocate to Wilmington, and their Salem office will remain in place.
Lyman, founded in 1979, has approximately $700,000 in revenue in middle market commercial business and personal accounts. The company owners are Warren and Debbiiangela Lyman. Mr. and Ms. Lyman will become Senior Vice President and Vice President at McCarthy, respectively, reporting to Richard J. Palleschi, President.
Martin P. Hughes, Hub Chairman and Chief Executive Officer said the Lyman acquisition was an excellent example of an important element of Hub's growth strategy - the successful fold-in of a local firm by a regional hub. He continued, "Adding a fine local company such as Lyman to the Hub group helps us grow our client base and strengthen carrier relationships in the region. We're also gaining the services of two successful insurance professionals in Warren and Debbiiangela Lyman."
Mr. Lyman said, "We are very pleased to team up with Hub. They've got a great record of success in expanding their business. Our association with Hub and the ability to draw on the many talented professionals at McCarthy and elsewhere throughout the organization will serve both our clients and our carriers well."
Hub International's eleven large "hub" brokerages have significant market presence in their geographic regions in the U.S. and Canada. Each hub provides insurance brokerage services and manages the various other Hub International offices in its territory. The hub brokerages are responsible for growth through sales, service and fold-in acquisitions. The various hub offices report to the head office, located in Chicago, which, in addition to monitoring the activity of each hub, retains responsibility for identifying and acquiring additional hub brokerages.
Headquartered in Chicago, IL, Hub International is a leading North American insurance brokerage that provides a broad array of property and casualty, 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 which 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 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. 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.