Hub International Announces Exercise of Over-Allotment Option by Underwriters

 

Press releases

Please, inside of the following boxes, enter a title for the press release, location and date.

 

 Add Title:  Hub International Announces Exercise of Over-Allotment Option by Underwriters
Subtitle:
 Location:  CHICAGO
 Date:    2006-06-02  
 Please, in the following box below, enter the text for the press release. There is not limit of words. You can always go back and re-edit it.

Hub International Limited (NYSE:HBG)(TSX:HBG) announced today that the underwriters have exercised in full the over-allotment option granted to the underwriters as part of Hub's recent public offering of 4,000,000 common shares. The underwriters will purchase an additional 600,000 common shares at a public offering price of $26.25 per share, for additional net proceeds of $15,042,000 after underwriters' discount and commissions, but before offering expenses. The closing of the purchase of the over-allotment shares is expected to occur June 9, 2006, subject to customary closing conditions. Including the initial 4,000,000 common shares issued on May 24, 2006, upon closing of the purchase of the over-allotment shares, Hub will have sold 4,600,000 common shares for total gross proceeds of $120,750,000 and total net proceeds of $115,322,000 after underwriters' discount and commissions, but before offering expenses. Stephens Inc. and Wachovia Securities acted as joint book-running managers for the offering and Cochran Caronia Waller; Ferris, Baker Watts Incorporated; and Keefe, Bruyette & Woods acted as co-managers.

A copy of a prospectus with respect to the offering may be obtained from Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attention: Prospectus Department, or Wachovia Capital Markets, LLC, 375 Park Avenue, 4th Floor, New York, NY 10152, Attention: Equity Syndicate.

Headquartered in Chicago, Illinois, Hub International 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.

The common shares will not be offered for sale in Canada or to or for the account of any resident of Canada, have not been and will not be qualified for distribution or sale under the securities laws of any province or territory of Canada and may not be offered, sold or delivered directly or indirectly in Canada or to or for the account of a resident of 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.

 In the following box below, please add a contact information.
CONTACT:
Hub International Limited
Jason Romick
312-279-4793
jason.romick@hubinternational.com
 Please, enter the source in the following box.   
 SOURCE :   Hub International Limited