(April 27 – 09:25 ET) – Insurance brokerage consolidator Hub International Ltd is set to acquire J.P.Flanagan Corp., an insurance agency that is based in Chicago with satellite offices in Baltimore, Cleveland, Denver and New York. No price was announced on the deal, although it will be paid in Hub shares.

J.P. Flanagan had annual commission revenue of approximately US$7 million in 2000. This acquisition adds to Hub’s current holdings in Chicago and the Boston metropolitan area, and the previously announced acquisition of Kaye Group Inc., with offices in New York, Connecticut, Rhode Island, and
California.

It is anticipated that the transaction will be completed on or May 31, and that J.P. Flanagan will merge with Hub’s existing Chicago-based subsidiary, Mack and Parker Inc. Joseph Flanagan, founder and president of J.P. Flanagan will be appointed to Hub International’s Executive Committee and will join
Mack and Parker, Inc. in the role of EVP.
-IE Staff