Hub International Limited (NYSE:HBG)(TSX:HBG) today announced that two of California's best known insurance brokers have joined the Company's regional hub in the Los Angeles area. Richard Kagan and Roger Kozberg are forming a new division of Hub International of California Insurance Services, Inc. (HUB California) called Kagan-Kozberg.
Richard Kagan joins HUB California as a leader of the new division. Kagan is a well-established member of the California brokerage community and active in civic and nonprofit organizations. He is currently the President of the Board of Directors of the Center Theatre Group of the Los Angeles County Music Center, one of the nation's largest non-profit theatre companies. He is also on the Board of Directors of the Los Angeles Police Foundation and the Chairman of the Chief's Circle. Roger Kozberg, a primary commercial lines broker in Los Angeles, also joins this division of HUB California. Kozberg serves on the Board of the California State Teachers Retirement System and is active in a number of other civic and charitable organizations.
"We are delighted by the addition of two highly respected and successful professionals to our growing organization," said Roy Taylor, CEO of HUB California. "Richard and Roger bring substantial market insight, reputation and client relationships to our business."
In the recent past, Kagan and Kozberg were instrumental in building one of California's largest independent insurance brokerages while working with current Hub International director James McElvany. That brokerage was subsequently sold to a larger broker, which Kozberg joined, while Kagan maintained his well-regarded independent operation called Kagan Life & Health Insurance Services, Inc. (KLHI). HUB California has acquired certain of KLHI's assets.
Kagan said the sale to Hub creates significant opportunities to enhance client service and attract new business partners. "HUB California's resources in both commercial and personal lines of insurance provide important access for our clients," he said. "This is a great match and I look forward to building the employee benefits business with my new colleagues at Hub."
Kozberg noted that HUB California will bring considerable opportunities in the property and casualty area, a market it understands well. "Richard and I have known each other for many years and we have spoken a number of times about a formal collaboration. Now we have the opportunity to realize that goal as part of a valued and trusted international brokerage."
Terms of the transaction were not disclosed.
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that 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 that 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, exchange rates, resolution of regulatory issues, including those related to compensation arrangements with insurance companies, the actual costs of resolution of contingent liabilities 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 and the Canadian securities commissions. 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.