Hub Sells Over-Allotment
NU Online News Service, June 27, 3:29 p.m. EST?Insurance broker Hub International, Ltd., announced today that it has sold an additional 900,000 shares of its common stock, worth $11.8 million.
Hub began trading on the New York Stock Exchange with an initial public offering of six million shares priced at $14 per share for net proceeds worth about $77 million.
The stock closed at $14.20 yesterday.
Hub has its executive headquarters based in Chicago and 89 offices throughout the U.S. and Canada.
The firm's shares are trading under the symbol "HBG." J.P. Morgan Securities in New York is the lead manager in the offering.
The shares are not being traded in Canada. According to its filing with the Securities and Exchange Commission, the securities do not qualify under the nation's laws.
The firm, a full service broker dealing in property-casualty, life and health, risk management and employee benefit products, was formed in 1998 through the merger of 11 Canadian brokers.
Hub said in the first quarter net earnings increased 100 percent going from $2.5 million in the first quarter of 2001 to $4.9 million. Revenues, for the quarter were $49.5 million, up 76 percent from $28.1 million in 2001. All figures are in U.S. dollars.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.