Hub International Limited (NYSE:HBG)(TSX:HBG) today announced the fold-in acquisition of The Innovators Insurance Agencies Ltd. (Innovators) by its regional hub, Hub International Barton Limited (HUB Barton), which services British Columbia, Canada.
Innovators operates primarily in the Kootenay Region of British Columbia and is located in Cranbrook, B.C. Since its founding in 1973, Innovators has become well known for its general insurance expertise. In 2004, Innovators generated revenue of approximately CDN$1 million. Terms of the acquisition were not disclosed.
"Shawn Trimble, president of Innovators, and his team have built a strong reputation and client base in the Kootenay region, specializing in personal, automobile and commercial insurance," said Jim Barton, president of HUB Barton. "We look forward to a solid contribution from the Trimble team."
"After establishing a strong track record and solid customer relationships in our region, we are now relishing the opportunity to continue building and growing our business as part of HUB Barton," said Shawn Trimble, president of Innovators.
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.