Canadian Underwriter

Hub plans U.S. IPO and announces increased revenues for 2001

April 1, 2002   by Canadian Underwriter

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Broker consolidator Hub International Ltd. (TSE:HBG) is making more moves into the U.S., filing for an initial public offering (IPO) of its common shares with the U.S. Securities and Exchange Commission.

The proposed offering comes on the heels of Hub’s fourth quarter and yearend results, which show the consolidator’s latest acquisitions have helped revenues grow significantly. Total revenue for the quarter ending December 31, 2001 is US$53 million, up 116% over the same period in 2000. About US$26.1 million of this is owing to new acquisitions such as U.S. brokerages Kaye Group and J.P. Flanagan, with the rest coming as a result of premium increases.

Net earnings for the quarter are US$3.0 million, a US$2.4 million, or 400% increase over 2000. This resulted in basic earnings per share rising to US15 per share, up from US3 per share in the same quarter in 2000.

Yearend figures show revenue growth of 62%, to US$154 million in 2001, from US$95.2 million in 2000. Again, about 95% of this is attributable to the company’s acquisitions. Net earnings are US$10 million or US53 per share, compared to US$6.1 million or US34 per share, in 2000.

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