Hub International Limited (NYSE: HBG and TSX: HBG) today announced that Joseph P. Flanagan, President and CEO of Mack and Parker, Inc., a wholly-owned subsidiary of Hub International based in Chicago, has been selected to the Business Insurance "35 Rising Stars" list.
Chosen by the editors of Business Insurance, the honor recognizes Mr. Flanagan's achievements in the commercial insurance industry at a relatively young age as well as his potential to be influential in the industry in the future.
In 1992, at age 27 and after spending five years with a major insurance brokerage firm, Joe founded his own insurance brokerage, J. P. Flanagan Corporation, in Chicago. Under Joe's direction, in a matter of nine years J.P. Flanagan grew to be a company with more than 60 employees, generating approximately $8.5 million in annual commission revenue. J.P. Flanagan joined Hub International in June 2001, and merged with Hub International's Chicago-based brokerage, Mack and Parker, in January 2002. Today, at age 38, in his position at Mack and Parker and as a member of Hub International's Executive Committee, Joe's responsibilities include expanding Hub's Chicago-area presence through both organic growth and strategic fold-in acquisitions.
Reflecting on his selection by Business Insurance, Mr. Flanagan commented, "I am honored to be recognized by Business Insurance for my personal accomplishments, but obviously my success is closely connected to the abilities, efforts and accomplishments of my colleagues. Many people, mentors and co-workers alike, deserve recognition and have my gratitude for helping me when I first started in the business, later as J.P. Flanagan grew, and now as we build on the solid foundation of Hub's Chicago operations, Mack and Parker. Hub has given us access to the resources and relationships of an established insurance brokerage, while at the same time allowing me to grow personally in a leadership role."
Martin P. Hughes, Chairman and CEO of Hub International, stated "We recognized Joe Flanagan's entrepreneurial drive and leadership qualities from the beginning, and it weighed heavily in our decision to pursue J.P. Flanagan and to have Joe assume a leadership position at Mack and Parker. We are happy for Joe and we are proud of him and the other members of the Mack and Parker team who have helped him achieve the recognition of Business Insurance. Congratulations to all for a job well done and an honor well deserved."
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that has grown rapidly since its formation in 1998 through mergers, acquisitions and organic growth. It provides a broad array of property and casualty, life and health, employee benefits and investment and risk management products and services through offices located in the United States and Canada. Hub International's strategy is to expand its market share in the highly fragmented U.S. insurance broker industry by acquiring quality brokerages in key geographic regions serving middle-market commercial businesses, leverage its decentralized approach in order to differentiate its services and capitalize on its scale to provide broad product offerings to its clients through multiple distribution channels. Additional information on Hub International can be found at its website: www.hubinternational.com.
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. These forward-looking statements 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, developing and implementing effective information technology systems, recruiting and retaining qualified employees, fluctuations in the premiums charged by insurance companies with a corresponding fluctuation in our premium-based revenue, any loss of services of key executives, industry consolidation, increased competition in the industry, fluctuation 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.