Hub Makes Biggest Acquisition, Spending $90M For Safecos Talbot
In its first U.S. acquisition of 2004, and the first major deal since putting in place a dedicated acquisition team, Hub International kicked off its strategy to expand its U.S. footprint with a $90 million deal for Talbot Financial, a unit of Safeco.
This was one of two separate cash transactions announced by Safeco last week, with the other involving the sale of its life and investment businesses. (For details, see page 10.)
With projected revenues of $100 million, this is the largest deal that Hub International has made to date, according to Michael Rosenbaum, an investor relations representative for the Chicago-based brokerage firm.
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