Canadian Underwriter

Two more additions to Hub network

November 12, 2002   by Canadian Underwriter

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Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has been on a buying spree as of late, with a half dozen acquisitions since the beginning of September. The latest purchases add brokerages in Los Angeles and Massachusetts to the stable.
Last week, Hub purchased the stock of L.A.-based Hooper, Hayes & Associates Inc. This includes the employee benefits affiliate Brentwood Benefits and Consultants Inc.
Hub expects Hooper to take control of its Arcadia, California retail brokerage unit, Kaye-Western Insurance & Risk Services Inc., with both operations run by Hooper principal Frank Hayes.
Hooper will remain in L.A., with its 35 employees and annual revenue of US$5.3 million. Terms of the deal were not released, except that it involves a combination of cash and Hub stock.
As well, Hub’s C.J. McCarthy Insurance Agency Inc. operation has purchased Piazza Insurance Agency of Andover, Massachusetts. The operations of Piazza will be moved to McCarthy’s head office in Wilmington, Mass. Piazza specializes in real estate coverage and generates about US$1 million revenue annually.

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