Hub International Limited has completed it's acquisition of Personal Lines Insurance Brokerage Inc. (PLI) from Warren, N.J.-based insurance carrier The Chubb Corporation.
Terms were not released. However, when Hub announced the acquisition Aug. 1, the Chicago-based broker said valuation of the deal was within its range for acquisitions, which is five-to-seven times EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).
In 2004, PLI generated $27 million in revenue, Hub said. Hub's own personal lines revenue totaled $25 million in the U.S. and $70 million on a consolidated basis, including Canada.
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