HUB INTERNATIONAL TO DIVEST NON-CORE ASSETS IN FLORIDA

 

Press releases

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 Add Title:  HUB INTERNATIONAL TO DIVEST NON-CORE ASSETS IN FLORIDA
Subtitle:
Selling Certain Lines to Former Owner
 Location:  Chicago
 Date:    2009-04-28  
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Hub International Limited (Hub) announced today that it is selling Hub International Florida, including ABCO Insurance Underwriters (wholesale), ABCO Premium Finance (premium finance) and a specialized commercial lines book of business. Hub is divesting primarily non-core revenue to Hector Fortun, the former owner of the Florida-based brokerage that was purchased by Hub in 2006. Hub will retain its personal lines business based in Plantation, Florida and will continue to invest and grow in Florida as part of its strategy.

“The decision to sell components of our business back to Mr. Fortun was mutual,” said Martin P. Hughes, Chairman of the Board of Directors and Chief Executive Officer, Hub International. “We wanted to focus on growing our core business in Florida for now. We will continue to work with Hector and his team on
cross-referral relationships and other opportunities. In addition, we look forward to maintaining a presence in Florida and building our existing client base there. We wish Hector and his staff the best and thank them for their years of service with our organization."

“Being part of Hub over the past three years has been very beneficial for our team. I look forward to partnering with Hub on future opportunities,” said Hector Fortun.

Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.

 In the following box below, please add a contact information.
CONTACT:
MEDIA CONTACTS:
Daniel Goldsmith
Hub International Limited
Chief Financial Officer
Phone: 312.279.4840
Daniel.Goldsmith@hubinternational.com

Clark Wormer
Hub International Limited
Director, Mergers & Acquisitions
Phone: 312.279.4848
Clark.Wormer@hubinternational.com
 Please, enter the source in the following box.   
 SOURCE :   HUB International Limited