Shareholders Approve Hub’s Proposed Acquisition

Hub International Ltd, the Chicago-based insurance broker, announced on Tuesday that its shareholders have approved a $1.6 billion plan for two private equity firms to purchase the company and go private. Private equity groups Apax Partners and Morgan Stanley Principal Investments will acquire all of Hub’s common shares for $41.50 per share in cash if the deal ultimately goes through.

Published on June 7, 2007

Hub, a leading North American insurance brokerage firm providng a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services, is traded on both the New York Stock Exchange and the Toronto Stock Exchange. If the court approves the plan, and all closing condition are met, Hub expects the deal to close by or around June 13.

The plan of arrangement was approved by 92.7% of the votes cast by all shareholders at the meeting and by 91.9% of the votes cast by disinterested shareholders, which excludes members of management who have committed to make an investment in an affiliate of the entity that is acquiring Hub.