Hub International Limited said it has purchased Westar Insurance Managers, based in Kirkland, Wash.
Terms of the deal were not released.
With annual revenue of approximately $2.1 million, Westar provides customers with general lines capabilities and specialized expertise in both aviation risk and personal insurance. Westar principals Doris D. Perry, Susan E. Carroll and Laurie P. Hutcherson will join HUB Northwest, the Chicago brokerage firm said.
Westar is to become part of Hub International's Seattle-based operation, which currently offers the construction industry an assortment of commercial lines for business, life and benefits products and personal lines coverages.
On Friday, Hub said it would offer 4 million common shares in a public offering in the United States. Hub International also will grant the underwriters an overallotment option to purchase up to 600,000 additional common shares.
At an open price today of $25.71 a share, the sale would be worth more than $118 million.
Hub said sale of the shares would not be offered in Canada or for the account of any resident of Canada. The firm has brokerage services in Canada.
Stephens Inc. and Wachovia Securities will act as managers of the sale. Cochran Caronia Waller; Ferris, Baker Watts Incorporated; and Keefe, Bruyette & Woods will act as co-managers, the company said.
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