HUB International Limited (NYSE:HBG)(TSX:HBG) announced today that it closed the acquisition of Fortun Insurance Agency located in Coral Gables (Miami Dade County vicinity), Florida. As described in a prior press release, the transaction consisted of HUB's acquisition of the assets of Fortun Insurance (retail), ABCO Insurance (wholesale) and American Inspection Company, as well as the stock of ABCO Premium Finance (premium financing). The new retail brokerage entity is named Hub International Florida, Inc. but initially will conduct business as Hub International Fortun (HUB Fortun).
This acquisition launches HUB International's presence in the Southeast and allows HUB Fortun to expand its product and service offerings to area businesses and individuals. The brokerage adds approximately $10 million to HUB's annualized revenue base.
Headquartered in Chicago, IL, HUB International Limited 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.
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.