Hub International Limited (NYSE: HBG and TSX: HBG), a leading North American insurance brokerage headquartered in Chicago, IL, announced today that its New York-headquartered insurance brokerage hub, Kaye Group Inc. (KGI), has promoted James E. Hutchinson to Senior Vice President of Marketing for its major retail brokerage unit, Kaye Insurance Associates, Inc. (KIA).
Mr. Hutchinson oversees relationships with carriers with whom KIA places clients' insurance coverage and risk management programs with an aggregate premium volume of over $400 million. He reports to Damian Testa, President of KGI's Retail Property and Casualty Brokerage Division.
Mr. Hutchinson, a 1986 graduate of Hobart College in Geneva, NY, has been in the insurance business 16 years in various brokerage production, service and management capacities. He joined Kaye in 1996 as a marketing director and was promoted to First Vice President of Marketing in 1999 at which time he became the Manager of KIA's Marketing Department.
In making the announcement, Mr. Testa explained that in a "tight" market, with insurance rates increasing and coverage more restrictive, it is especially important for brokers serving middle-market clients to have strong relationships with insurance carriers. He added, "Our goal is to be the best source of insurance program placement for mid-size businesses not only in the current difficult market, but in any market conditions that may subsequently evolve. To do this we need to have our most experienced professionals representing Kaye and our clients' interests to the carrier community. In the three years James has been running the Marketing Department he has brought some important new carrier relationships to us and has enhanced others; his new title acknowledges the importance of his contribution to the organization."
Hub International currently has ten large "hub" brokerages 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.
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. It 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. Hub International's strategy is to expand its market share in the highly fragmented U.S. insurance broker industry by acquiring quality brokerages in key geographic regions serving middle-market commercial businesses, leverage its decentralized approach to differentiate its service and capitalize on its scale to provide broader product offerings to its clients through multiple distribution channels.
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 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.