The Board of Directors of Hub International Limited (NYSE: HBG AND TSX: HBG) has announced that it has filed a notice of intention to make a Normal Course Issuer Bid for up to 1,429,362 of its common shares through the facilities and in accordance with the by-laws and rules of The Toronto Stock Exchange and The New York Stock Exchange. The shares to be purchased represent less than 5% of the 28,587,256 currently outstanding common shares of Hub International. This Normal Course Issuer Bid will commence September 22, 2002 and may extend until September 21, 2003. The company will retire all common shares purchased under this Normal Course Issuer Bid.
On September 22, 2001 Hub International commenced an issuer bid for up to 1,080,674 common shares. The company has not purchased any of its common shares since September 22, 2001.
The Board of Directors of Hub International has authorized a further Normal Course Issuer Bid because it believes that, in appropriate circumstances, the shares represent an attractive investment opportunity for the company and that consequently such purchase will enhance the value of the shares held by the remaining shareholders of the company.
Headquartered in Chicago, IL, Hub International 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, 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.
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. 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.