HUB International Limited to Acquire J.P. Flanagan Corporation

Apr 27, 2001, 01:00 ET from HUB International Limited

    CHICAGO and TORONTO, April 27 /PRNewswire/ -- Hub International Limited
 (TSE: HBG) has signed a letter of intent to acquire J.P. Flanagan Corporation,
 an insurance agency that offers insurance brokerage services from its
 principal office in Chicago, Illinois, and from its satellite offices in
 Baltimore, Cleveland, Denver and New York.  J.P. Flanagan Corporation had
 annual commission revenue of approximately US$7 million in 2000. Hub
 International will issue common shares in consideration of the purchase price,
 subject to regulatory approval.
     Hub International Limited is an international insurance brokerage that
 provides a broad range of property, casualty, life and health, employee
 benefits, investment and risk management products through offices located in
 Canada and the United States. The acquisition of J.P. Flanagan Corporation,
 added to Hub International's current holdings in Chicago and the Boston
 metropolitan area, and the previously announced acquisition of Kaye Group Inc.
 (anticipated to be completed in the second quarter of 2001), with offices in
 New York, Connecticut, Rhode Island, and California, continues Hub
 International's expansion into the United States.
     It is anticipated that the transaction will be completed on or about May
 31, 2001 and that J.P. Flanagan Corporation will merge with Hub
 International's existing Chicago-based subsidiary, Mack and Parker, Inc., to
 further develop, market and deliver insurance products and services to meet
 the evolving needs of their customers.
     Marty Hughes, Chairman and Chief Executive Officer of Hub, commented, "The
 proposed acquisition of J.P. Flanagan  Corporation represents an opportunity
 to continue our growth strategy in the mid-western U.S. and to gain entry into
 the Baltimore, Cleveland and Denver markets". Edward Mack, President of Mack
 and Parker, added "The working relationship that we envision between
 J.P. Flanagan Corporation and Mack and Parker will be a great synergistic fit
 and will enhance our ability to offer more products and services to our
 clients."
     Joseph P. Flanagan, founder and President of J.P. Flanagan Corporation,
 said, "This transaction represents an attractive opportunity for our staff to
 access the global resources that Hub International offers. In addition, I
 believe the depth and experience we will be able to offer through the
 combination of our agencies will make the new Mack and Parker a powerful force
 in the mid-western insurance market."
     Subsequent to completion of the transaction, Mr. Flanagan will be
 appointed to Hub International's Executive Committee and will join Mack and
 Parker, Inc. in the role of Executive Vice-President.
     Completion of this transaction is subject to the receipt of satisfactory
 applicable regulatory approvals, compliance with applicable legal and
 regulatory requirements, and standard closing conditions.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X43750027
 
 

SOURCE HUB International Limited
    CHICAGO and TORONTO, April 27 /PRNewswire/ -- Hub International Limited
 (TSE: HBG) has signed a letter of intent to acquire J.P. Flanagan Corporation,
 an insurance agency that offers insurance brokerage services from its
 principal office in Chicago, Illinois, and from its satellite offices in
 Baltimore, Cleveland, Denver and New York.  J.P. Flanagan Corporation had
 annual commission revenue of approximately US$7 million in 2000. Hub
 International will issue common shares in consideration of the purchase price,
 subject to regulatory approval.
     Hub International Limited is an international insurance brokerage that
 provides a broad range of property, casualty, life and health, employee
 benefits, investment and risk management products through offices located in
 Canada and the United States. The acquisition of J.P. Flanagan Corporation,
 added to Hub International's current holdings in Chicago and the Boston
 metropolitan area, and the previously announced acquisition of Kaye Group Inc.
 (anticipated to be completed in the second quarter of 2001), with offices in
 New York, Connecticut, Rhode Island, and California, continues Hub
 International's expansion into the United States.
     It is anticipated that the transaction will be completed on or about May
 31, 2001 and that J.P. Flanagan Corporation will merge with Hub
 International's existing Chicago-based subsidiary, Mack and Parker, Inc., to
 further develop, market and deliver insurance products and services to meet
 the evolving needs of their customers.
     Marty Hughes, Chairman and Chief Executive Officer of Hub, commented, "The
 proposed acquisition of J.P. Flanagan  Corporation represents an opportunity
 to continue our growth strategy in the mid-western U.S. and to gain entry into
 the Baltimore, Cleveland and Denver markets". Edward Mack, President of Mack
 and Parker, added "The working relationship that we envision between
 J.P. Flanagan Corporation and Mack and Parker will be a great synergistic fit
 and will enhance our ability to offer more products and services to our
 clients."
     Joseph P. Flanagan, founder and President of J.P. Flanagan Corporation,
 said, "This transaction represents an attractive opportunity for our staff to
 access the global resources that Hub International offers. In addition, I
 believe the depth and experience we will be able to offer through the
 combination of our agencies will make the new Mack and Parker a powerful force
 in the mid-western insurance market."
     Subsequent to completion of the transaction, Mr. Flanagan will be
 appointed to Hub International's Executive Committee and will join Mack and
 Parker, Inc. in the role of Executive Vice-President.
     Completion of this transaction is subject to the receipt of satisfactory
 applicable regulatory approvals, compliance with applicable legal and
 regulatory requirements, and standard closing conditions.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X43750027
 
 SOURCE  HUB International Limited