Hub International Limited has signed a letter of intent to acquire Burnham Stewart Group, Inc., a regional insurance broker based in Battle Creek, Michigan, with offices throughout Michigan and in Chicago, Cleveland, and Dallas. Burnham Insurance Group is ranked among the top 100 largest independent brokers in the United States with annual revenues in excess of $22 million.
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 Burnham Insurance Group continues Hub International's expansion into the United States. With Hub International's recent acquisition of J.P. Flangan Corporation and its previously announced intention to acquire Kaye Group Inc. (anticipated to be completed in the second quarter of 2001), Hub International will also have offices in Baltimore, Boston, California, Chicago, Connecticut, Denver, New York and Rhode Island. Martin P. Hughes, Chairman and Chief Executive Officer of Hub International, commented, ``Burnham Insurance Group epitomizes the ideal Hub International broker. They fulfill our mission of meeting our clients' insurance needs by 'representing the buyer' and exhibit the entrepreneurial spirit that allows our brokerages to be successful.''
Charles C. Burnham, Chairman and Chief Executive Officer of Burnham Insurance Group, stated, ``Burnham Insurance Group has always been committed to perpetuating our organization as an independent broker. By joining Hub International, we will maintain our ability to independently serve our clients with the same philosophy, dedication and enthusiasm, while providing the benefits of a global organization with access to substantial financial, technological and industry resources.''
Subsequent to completion of the transaction, Mr. Burnham will be appointed to Hub International's Executive Committee. Mr. Hughes added, ``Because of his commitment to the industry and his impressive track record, we look forward to having Charlie Burnham as a member of our Executive Committee.''
It is anticipated that the transaction will be completed in July 2001. Completion of the transaction is subject to the receipt of satisfactory applicable regulatory approvals, compliance with applicable legal and regulatory requirements, and standard closing conditions.