April 4, 2006 by Canadian Underwriter
Hub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”).
Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance, Hub and CFG will leverage their insurance and banking expertise to provide expanded products, services and support to clients.
Hub financed the acquisition largely through a new credit facility entered into with The Bank of Montreal.
Headquartered in Chicago, IL, Hub International Limited is a 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.
Established in 1828, CFG started as a small community bank in Providence, Rhode Island. Today, CFG has $155 billion in assets, making it the eighth-largest commercial bank holding company in the United States.
Owned by RBS, The Royal Bank of Scotland Group plc, we now have branches in 13 states, including Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Vermont, and Rhode Island.