Hub International Terminates Negotiations with Near North National Group

 

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 Add Title:  Hub International Terminates Negotiations with Near North National Group
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 Location:  Chicago
 Date:    2003-08-15  
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Hub International Limited (NYSE: HBG)(TSX: HBG.TO) today announced that it has terminated negotiations to acquire substantially all of the insurance brokerage operating assets of Near North National Group. Hub had announced the signing of a proposal for the purchase on July 25, 2003.

"Although we had strong interest in this acquisition, we were unable to negotiate terms that match our investment discipline and suit our structural objectives," said Martin P. Hughes, Hub's chairman and chief executive officer. "Hub continues to pursue other acquisitions and we believe ample opportunities exist to acquire high quality brokerage firms."

Hughes added that the company's 2003 earnings guidance of $1.13-1.18 per diluted share did not include any impact from Near North.

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. Hub International 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.

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 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 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.

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MediaContact:                                                                                                                                                                                                                                                                                                                                                                W. Kirk James, 312-279-4881                                                                                                                                                                                                                                                                                                    kjames@hubinternational.com
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 SOURCE :   Hub International Limited