Hub International Limited said it is buying Chubb's Personal Lines Insurance Brokerage, Inc., which focuses on high-net-worth clients.
Terms of the deal were not released, but Hub indicated that the valuation is within its target range for acquisitions. PLI generated 2004 revenue of approximately $27 million, the companies said.
According to W. Kirk James, chief corporate development officer for Chicago-based Hub, the insurance broker has said the valuation falls between five to seven times EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).
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