Hub International Limited said the firm has made its first payment of $16.4 million in cash to approximately 70 employees of the acquired Talbot insurance brokerage firm.
Under the agreement, the Chicago-based Hub said it anticipates paying $52-to-$55 million over three years under the performance payment agreement or earn-out.
The Albuquerque, N.M.-based Talbot was purchased from Seattle-based insurer Safeco in March 2004 for $90 million.
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