Hub International Limited (NYSE:HBG)(TSX:HBG) today announced the appointment of W. Kirk James, Vice President and Secretary, to the newly created role of Chief Corporate Development Officer. James has served as Vice President, Corporate Secretary and General Counsel at the insurance brokerage company since 1999.
Marianne D. Paine succeeds James and assumes the titles of Chief Legal Officer and Assistant Secretary at Hub, joining the company from a Chicago law firm where she was a founding partner. In addition to serving Hub's Chicago-based brokerage, Mack and Parker, Inc., for more than 12 years, Paine has been providing legal services to Hub since 1999 in matters such as technology procurements, mergers and acquisitions and general corporate and commercial activities.
Martin P. Hughes, Hub's Chairman and Chief Executive Officer, said the latest appointments are part of company's ongoing repositioning of management to accommodate continued growth. Hub achieved a 49% compound growth rate for revenue in the five years ending in 2003, operating through a highly decentralized structure. The company has announced its intention to expand its management infrastructure and systems as it focuses on its next phase of growth.
In January, Hub appointed three senior corporate executives to oversee the company's strategic initiatives for acquisitions, operational excellence and sales culture development. These appointments resulted from a review process by the executive committee, including presidents of regional hubs and key corporate officers.
"Kirk James has been a key driver in our internal process of review, reassessment and strategic planning, so this new appointment merely reflects a role he is already addressing with the company," Hughes said. "We have stated our intention to continue our active acquisition program and internal growth, and we are making the internal adjustments required for profitable expansion."
Hughes said the company is fortunate in recruiting Paine to succeed James as corporate counsel, given her longstanding relationship with Hub's Mack & Parker brokerage. Hughes is a former president of Mack & Parker.
"Marianne Paine has delivered great value to us over the span of several years as an attorney and a counselor," he said. "We anticipate a very smooth transition for her and a great contribution to our growth and development as a public company."
James brings more than 20 years of legal experience to his role at Hub, including substantial experience in securities, acquisitions and general corporate law. He played a key role in advising individual brokerages during Hub's formation in 1998.
Headquartered in Chicago, IL, Hub International 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 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.