Canadian Underwriter

Hub continues acquisition binge with Garnet Health buy

October 10, 2003   by Canadian Underwriter

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Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount of cash and Hub stock.
Garnet’s combined operations bring in annual revenue of $3 million by providing outsourced services for form completion to health care providers, and brokering medical malpractice coverage. The firms’ reach extends from New England through New York, Illinois, Michigan and as far as California.
The operations will remain in Hampton, New Hampshire, and become part of C.J. McCarthy, Hub’s New England “hub”. Garnet president Donald V. Earle and executive vice president Michael R. Jeresaty, will report to McCarthy president Richard J. Palleschi.
“Garnet’s capabilities enable us to expand our New England business with a fee-based service that offers valuable administrative support to the medical community as well as an excellent book of professional liability insurance,” says Hub chair and CEO Martin P. Hughes.
The announcement brings Hub’s acquisitions to 10 for the year.

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