Hub International Sells Non-core Assets In Florida

Apr 29, 2009 (Datamonitor via COMTEX) -- Hub International Limited, an insurance brokerage firm, has announced that it is selling Hub International Florida, including Abco Insurance Underwriters, Abco Premium Finance and a specialized commercial lines book of business.

Hub said that it is divesting primarily non-core revenue to Hector Fortun, the former owner of the Florida-based brokerage that was purchased by Hub in 2006. Hub will retain its personal lines business based in Plantation, Florida and will continue to invest and grow in Florida as part of its strategy.

Martin Hughes, chairman of the board of directors and CEO of Hub International, said: "The decision to sell components of our business back to Mr Fortun was mutual. We wanted to focus on growing our core business in Florida for now. We will continue to work with Mr Hector and his team on cross-referral relationships and other opportunities. In addition, we look forward to maintaining a presence in Florida and building our existing client base there."

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