NU Online News Service, Dec. 14, 10:53 a.m.EST

Hub International Ltd. says it has reached an agreement toacquire Harmonia Corretora de Seguros, headquartered in São Paulo,Brazil, noting that this is Hub's first step into Latin Americanmarket.

Established in 1981, Harmonia is a major independent brokeragefirm in Brazil, offering a broad suite of insurance solutions toits clients.

Harmonia will become a new regional platform doing business asHarmonia Corretora, a Hub Internacional affiliate with officeslocated in São Paulo, Rio de Janeiro, Campinas, Recife and Poços,Brazil.

Chicago-based Hub says it and Harmonia have a long-standingbusiness relationship stemming from both firms' involvement in theWorldwide Broker Network (WBN).

José Conduta, founder and principal of Harmonia, will join thenewly formed Hub Internacional Latin America as its chief executiveofficer. Harmonia's management team and staff will remainwith Harmonia. The team will be led by Priscila Lima Conduta Elias,principal and leader of Harmonia's employee benefits who willbecome Hub Harmonia's president.

“Harmonia is the first building block in developing a Hubplatform in Latin America,” says Martin P. Hughes, chairman and CEOof Hub International in a statement. “Hub views this transaction astransformational for our company. We have been looking for a solidpartner in Latin America, particularly in Brazil, which is one ofthe world's fastest growing economies, and we are confident we haveidentified the right fit in José and the Harmonia family.”

Neil Morrison, CEO and president of Hub Ontario/HKMB, who willassume the additional position of chairman of Hub InternacionalLatin America, says, “Hub's current working and professionalexperience with Harmonia has always been of the utmost integrityand good faith, and we look forward to working with the Harmoniateam.”