Hub International Limited (NYSE:HBG)(TSX:HBG), one of the leading international insurance brokerages in North America, announced today the acquisition of Tash Lyle & Jones, a Seattle employee benefits insurance brokerage. This fold-in acquisition will become part of Bush, Cotton & Scott, a regional subsidiary of Hub International, and its principals will report to Steven K. Bush, president.
Tash Lyle & Jones originated in 1978 and has developed a solid reputation among service firms, associations, construction companies, engineers, architects and law firms. Last year, the company generated approximately $1.3 million in commissions.
"We're pleased to welcome the employees of Tash Lyle & Jones to Hub International and look forward to their contribution to our growth strategies in the Pacific Northwest," said Martin P. Hughes, Hub International chairman and chief executive officer. "We believe Tash Lyle & Jones offers a number of opportunities for cross-selling and collaboration with Bush Cotton & Scott."
Stuart Lyle, president of Tash, Lyle & Jones, said the sale to Hub International was a logical progression for the brokerage. "We pride ourselves on excellent service to our clients," Lyle said, "and Hub's resources will expand our ability to serve them with far greater resources in the future."
Headquartered in Chicago, IL, Hub International Limited 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, 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.