Hub International Limited (NYSE: HBG; TSX: HBG) announced today that Kaye Insurance Associates, Inc. (KIA), the largest retail property and casualty insurance brokerage unit of Hub's New York-based Kaye Group Inc. (KGI), has appointed Filomena G. MacLean Senior Vice President. Ms. MacLean will manage a staff of 27 in marketing and servicing retail commercial accounts with an estimated $7 million in 2002 revenue in KIA's Manhattan office.
Ms. MacLean, who joined KIA in March 2002, has been in the insurance brokerage business for 20 years. She will report to Damian Testa, President of KGI's Retail Property and Casualty Brokerage Division. Prior to Kaye, she was Vice President and Commercial Lines Manager at a large regional broker in New York.
In announcing the appointment, Mr. Testa said that under current market conditions middle-market commercial accounts demand great attention and proficiency from their brokers. He added, "Filomena MacLean has the hands-on background and large account knowledge well-suited to managing the professional staff that supervises our major commercial clients. In her career she's dealt extensively with developing underwriting information, analyzing loss data and presenting specifications for both existing insureds and new prospects to underwriters. We're very pleased to have a professional with her experience and leadership skills overseeing the stewardship of an important segment of our retail business."
Hub International currently has nine large "hub" brokerages, including Kaye, that have significant market presence in their geographic regions in the U.S. and Canada. Each hub provides insurance brokerage services and manages the various smaller Hub International brokerages in its territory. The hub brokerages are responsible for growth through sales, service and acquisitions, while the head office, located in Chicago, IL, coordinates access to the insurance market, expands the use of best practices among the hubs and manages the acquisition of additional hub operations.
A leading North American brokerage, Hub International 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 and 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 North American insurance broker industry by acquiring quality brokerages in key geographic regions serving middle-market commercial businesses, to leverage its decentralized approach in order to differentiate its services and to capitalize on its scale to provide broad product offerings to its clients through multiple distribution channels. Additional information on Hub International can be found at its website: http://www.hubinternational.com.
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, 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 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.