HUB International: News Release

 

Press releases

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 Add Title:  HUB International: News Release
Subtitle:
 Location:  Chicago
 Date:    2000-09-20  
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Hub International Limited announces that it has filed a notice of intention to make a Normal Course Issuer Bid for up to 930,228 of its common shares through the facilities of The Toronto Stock Exchange and in accordance with the by-laws and rules of the Exchange. The shares to be purchased represent less than 5% of the 18,604,581 currently outstanding common shares of Hub. This Normal Course Issuer Bid will commence September 22, 2000 and may extend until September 21, 2001. The Corporation will retire all common shares purchased under this Normal Course Issuer Bid.
On September 22, 1999 the Corporation commenced an issuer bid for up to 845,524 Common Shares. Since September 22, 1999 the Corporation has purchased 796,345 Common Shares, including 20,200 Common Shares under the Corporation's Executive Share Purchase Plan. All but the Executive Share Purchase Plan shares, purchased for allotment to the Corporation's employees under the Plan, have been retired. The shares other than the Executive Purchase Plan shares were purchased for an average purchase price of $17.38. The Executive Purchase Plan shares were purchased for an average purchase price of $19.91.

The Board of Directors of Hub has authorized a further Normal Course Issuer Bid because it believes that, in appropriate circumstances, the shares represent an attractive investment opportunity for Hub and that consequently such purchase will enhance the value of the shares held by the remaining shareholders.

Hub International Limited is an international insurance brokerage which provides a broad range of commercial, personal, life, investment and risk management products.

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CONTACT:
Hub International Limited
Kirk James
Vice-President & General Counsel
(416) 979-5866
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 SOURCE :   Hub International Limited