CHICAGO – Nov. 4, 2004–Hub International Limited (NYSE:HBG)(TSX:HBG) announced today that its Quebec-based hub, Martin Assurance & Gestion de Risques Inc. (“Martin”), has signed a letter of intent to sell a portion of its Personal Lines book of business to a new corporation that will be under the direction of Mr. Euclide Cyr, who is currently an officer of Martin.
The divestiture, anticipated to be effective January 1, 2005, will allow Martin to focus solely on its Commercial Lines and V.I.P. Personal Lines clients.
“The Quebec marketplace is continuing with its migration towards a direct insurance environment with respect to standard personal lines business. This transaction allows us to concentrate our efforts on what we do best” said Jean Martin, President and CEO of Martin. “We have a long tradition of service with commercial and high-wealth clients. A narrower focus will allow us to be even better as we address their unique needs in an ever-changing insurance marketplace. At the same time, the divestiture to Mr. Cyr’s group ensures that those clients who will be leaving us are going to continue to be in the capable hands of those who understand their insurance needs.”
Completion of the transaction is subject to further due diligence and customary regulatory approvals and conditions.
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.