Further Expansion of HUB International Northeast Employee Benefits Expertise
HUB International Limited (NYSE:HBG)(TSX:HBG) announced today the purchase of Post & Kurtz, Inc., an employee benefits insurance brokerage that specializes in serving law firms and other service entities. The company, formed in 1932, will become part of Hub International Northeast ("HUB Northeast"), based in New York City.
"This transaction further develops our already solid employee benefits capabilities," said Marc I. Cohen, president and chief executive officer of HUB Northeast. "Our resources and expertise have dramatically increased within this specialty focus throughout the past year, and we look forward to utilizing our combined efforts to help our clients and business partners even more with this great addition."
Post & Kurtz generated approximately $1 million in revenue in 2005. The newly added team will report to Thomas Mangan, president of HUB Northeast's Benefits Division.
Post & Kurtz co-presidents, Tom Agnew and Bill Kuhn, said they are "wholeheartedly looking forward to joining HUB Northeast. HUB is a highly regarded, recognized name that has an impressive benefits practice. We are proud to now be a part of the HUB family."
Terms of the cash 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 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.