Canadian Underwriter

Hub withdraws from Near North purchase

August 15, 2003   by Canadian Underwriter

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Broker consolidator Hub International Ltd. is the latest to withdraw from talks to buy the brokerage operations troubled Near North National Group.
Chicago-based Near North has been trying to sell its assets as the company and its former CEO, Michael Segal, face indictment for federal fraud charges in the U.S. Chicago-based private equity firm Frontenac Co. LLC had already withdrawn an offer to purchase most of Near North’s assets.
In July, Hub said it had signed a proposal to acquire the group’s brokerage operations, to add “numerous specialty lines of businessserving a vast number of industries”.
Hub CEO Martin P. Hughes now says, “Although we had strong interest in this acquisition, we were unable to negotiate terms that match our investment discipline and suit our structural objectives,” he says. “Hub continues to pursue other acquisitions and we believe ample opportunities exist to acquire high quality brokerage firms.”
The company notes that its 2003 earnings guidance of $1.13-$1.18 per share remains unchanged as it did not include any impact from Near North.

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