Canadian Underwriter

Hub buys pest control broker

July 4, 2004   by Canadian Underwriter

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Hub International Ltd. says it has acquired a New York brokerage specializing in pest control and lawn care programs for other agents, brokers and retail clients, including member of the U.S. Professional Lawn Care Association.
White Plains-based B & DA Weisburger Inc. is a family-owned brokerage which sees annual revenue of about US$3 million and has been in business for almost 90 years. The brokerage will remain in White Plains, but come under the mantle of Hub’s Program Brokerage Corp., with president Michael Weisburger becoming a vice president of PBC.
Terms of the deal were not released.
Hub also announced it has complete the previously announced acquisition of Safeco’s Talbot Financial Corp. This major acquisition will increase Hub’s revenue base by about one-third, adding US$100 million in annual revenues. The purchase, in cash and stock, could amount to more than US$116 million, and with US$90 million paid up-front and the remainder paid over the next three years.
Hub will update the earnings impact of the Talbot acquisition when it releases its second-quarter results.

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