Hub International Acquires AssurConseil; Expands Trucking Expertise in Quebec.CHICAGO -- Hub International Hub International Limited is an insurance brokerage based in Chicago, Illinois. The company has 200+ offices across the United States and Canada. The company offers three types of commercial products and services: property and casualty products, employee benefits and risk Limited (NYSE NYSE See: New York Stock Exchange :HBG HBG Harrisburg (Pennsylvania) HBG Helsingborg (Sweden) HBG Hollandsche Beton Groep HBG Home Buyers Guide (magazine) HBG Honolulu Botanical Gardens )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HBG) announced today the acquisition of AssurConseil, S.E.N.C., a Montreal-based insurance broker with both general lines and trucking expertise. The 39-employee organization will add approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $5.5 million (US$4.9 million) to Hub International's revenue base and will become part of Hub International Quebec Limitee (HUB Quebec). Terms of the transaction were not disclosed. "AssurConseil and its management team are well known and highly respected in our service area, which makes this acquisition attractive on several levels," said Andre Soucisse, president and chief executive officer of HUB Quebec. "We look forward to working with our new partners to accelerate our expansion." All members of the AssurConseil Executive team will play important management roles in Hub Quebec. AssurConseil principals who will be joining HUB Quebec include Mr. Pierre Charron, Christian Chartier, Pierre Simoneau, Louis-Claude Trudel, Pierre Paquette Pierre A. Paquette (born June 1, 1955 in Sorel, Quebec) is a Canadian politician. An economist and professor, Paquette was first elected to the Canadian House of Commons as a member of the Bloc Québécois in the Canadian federal election, 2000 in the riding of Joliette. and Robert Lorange. "We will add new market access and product depth for AssurConseil clients as we become part of HUB Quebec, creating growth opportunities for our combined organization," Charron said. Headquartered in Chicago, IL, Hub International Limited is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. insurance brokerage that provides a broad array of property and casualty, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , life and health, employee benefits, investment and risk management products and services through offices located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 A deprivation of a family member, such as a parent or spouse, of the right to benefit from the performance of various duties, coupled with the privation of love and companionship, provided by the victim of a personal injury or Wrongful Death. 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. |
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