Pursuant to a previously announced letter of intent, Hub International Limited has acquired J.P. Flanagan Corporation, an insurance agency that offers insurance brokerage services from its principal office in Chicago, Illinois, and from its satellite offices in Baltimore, Cleveland, Denver and New York. J.P. Flanagan Corporation had annual commission revenue of approximately US$7 million in 2000.
Hub International Limited is an international insurance brokerage that provides a broad range of property, casualty, life and health, employee benefits, investment and risk management products through offices located in Canada and the United States. The acquisition of J.P. Flanagan Corporation, added to Hub International's current holdings in Chicago and the Boston metropolitan area, and the previously announced acquisition of Kaye Group Inc. (anticipated to be completed in the second quarter of 2001), with offices in New York, Connecticut, Rhode Island, and California, continues Hub International's expansion into the United States.
J.P. Flanagan Corporation offers a broad range of property, casualty and professional liability products. J.P. Flanagan Corporation will merge with Hub International's existing Chicago-based subsidiary, Mack and Parker, Inc., to further develop, market and deliver insurance products and services.
Marty Hughes, Chairman and Chief Executive Officer of Hub, commented, ``We are pleased to have Joe Flanagan and his associates joining forces with our Chicago office, Mack and Parker. Each firm has independently achieved significant success. Together they will be a formidable force.'' Edward Mack, President of Mack and Parker, added, ``The combination of our personnel, resources and product offerings will enhance our ability to deliver products and services that will fulfill our mission of 'representing the buyer.' ''
Joseph P. Flanagan, founder and President of J.P. Flanagan Corporation, said ``We are thrilled to be joining the Hub International family of companies with the global resources that they bring to our business. The diversity of experience, products and services offered by the new Mack and Parker, combining the strengths of both agencies, will allow us to improve what we deliver to our existing clients, and to become the agency of choice for prospective clients.''
Mr. Flanagan has been appointed to Hub International's Executive Committee and named Executive Vice-President of Mack and Parker, Inc.