January 2, 2003 by Canadian Underwriter
Broker consolidator Hub International Ltd (TSX, NYSE: HBG) has acquired Cincinnati-based Fifth Third Insurance Services Inc. from Fifth Third Bancorp, creating a midwest “hub”.
Hub paid $37 million cash for the agency, which has annual revenue of US$25 million from its p&c and employee benefits business. Fifth Third’s life and title insurance business has been acquired by a subsidiary of Fifth Third Bancorp.
The agency, which will be renamed “Hub International of Indiana Ltd., becomes Hub’s eleventh “hub” brokerage, which manage smaller offices within each region. Fifth Third CEO Roger Forystek will remain in command and join Hub’s executive committee.
“This acquisition will significantly increase Hub’s penetration in several key regions in Michigan and add important new offices in Indianapolis and Evansville, Indiana,” says Hub International chairman and CEO Martin P. Hughes.