HUB INTERNATIONAL TO ACQUIRE BART PROUD INSURANCE AGENCY
Expands Growing Presence in Transportation Insurance Brokerage
CHICAGO– January 31, 2007 — Hub International Limited (NYSE: HBG – News; TSX:
HBG – News) announced today that it will continue its penetration of the transportation
insurance market by acquiring New Jersey-based Bart Proud Insurance (Proud). The $3
million revenue broker has entered into a definitive purchase agreement with Hub
International Pennsylvania (HUB Pennsylvania). The proposed transaction will support
Hub International’s initiative to expand its transportation insurance specialty focus.
Founded in 1964 by Bart Proud, 63, the Manasquan, New Jersey insurance broker
specializes in transportation risk and is a managing general agent for Occidental Fire and
“We have been familiar with the Bart Proud name for quite a while and have great
respect for its operations,” said Dale Kaufman, president of HUB International
Transportation Insurance Services Inc. (HUB Transportation). “We are particularly
enthusiastic about the rapid expansion of our service to the transportation market and to
HUB’s fast-growing specialty in transportation insurance.”
Late last year, HUB announced plans to establish a specialty hub through the acquisition
of Kaufman & Kaufman, based in Salt Lake City. Recently, HUB announced plans to
acquire Coburn Insurance Agency, Inc., a trucking insurance specialty brokerage based in
Vermont. As a result of these acquisitions, HUB will have one of the nation’s largest
transportation insurance specialty practices, with an emphasis on trucking.
“Hub International will provide an important platform for growth in the transportation
sector, while also expanding our product line to include personal lines, employee benefits
and property coverage,” said Bart Proud, founder and president of Bart Proud Insurance.
“We see great potential for new customer development and expanded cross-selling to
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, reinsurance, life
and health, employee benefits, investment and risk management products and services
through offices located in the United States and Canada.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Hub
International. For more information on Mystic Capital, please contact Kevin P.
Donoghue at 212-251-0972 or visit www.mysticcapital.com
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