Hub International Acquires Fifth Third Insurance Services

Hub International, a leading North American insurance broker, has agreed to acquire Fifth Third Insurance Services, a subsidiary of Cincinnati-based Fifth Third Bancorp. The acquisition will significantly increase Hub's presence in Michigan and add new offices in Indiana, further solidifying its position as a major player in the insurance brokerage industry.

Key Takeaways:

• The acquisition is expected to close in 2002 and will be paid for with cash, with Hub acquiring the property and casualty and employee benefits lines of business that generate approximately US$25.0 million in annual revenue.
• The addition of Fifth Third Insurance Services will strengthen Hub's presence in Michigan and add important new offices in Indianapolis and Evansville, Indiana, serving as the company's 11th hub brokerage.
• The Agency has productive marketing relationships with several strong national and regional property and casualty and group benefit insurance companies, enhancing Hub's effectiveness in placing coverage for its clients.
• Upon completion of the transaction, the Agency's name will be changed to Hub International of Indiana Limited, with Roger Forystek, CEO of the Agency, continuing in his current position and joining Hub's Executive Committee.
• Fifth Third Bank will become a strategic partner by referring its property and casualty and employee benefits leads to Hub, in an exciting relationship that the company intends to develop fully.

Statistics:

• Hub International currently has ten large "hub" brokerages with significant market presence in their geographic regions in the U.S. and Canada.
• Each hub provides insurance brokerage services and manages the various other Hub International offices in its territory.
• The acquisition will add property and casualty and employee benefits lines of business that generate approximately US$25.0 million in annual revenue.
• Fifth Third Insurance Services has offices in Indianapolis and Evansville, Indiana, generating more than $10 million in annual property and casualty and benefits revenue.

Sources:

• "Hub International Acquires Whitehouse Group", Business Wire, 2002, no specific date of publication.
• Hub International, "Hub International Acquires Fifth Third Insurance Services", Press Release, December 30, 2002.
• Hub International, "Hub International Form 10-K Annual Report (2002)"