March 22, 2004

Chicago-based brokerage Hub International Ltd. reported that 2003 net earnings increased 24 percent to $36.5 million as revenue grew 30 percent to $286.4 million, boosted by organic growth and a strong Canadian dollar. Diluted earnings per share for the year rose 8 percent to $1.14, in line with the company’s most recent guidance. In the fourth quarter, net earnings increased 28 percent to $10.7 million, while revenue increased 24 percent to $78.7 million. Diluted earnings per share grew 27 percent to 33 cents in the fourth quarter. Martin P. Hughes, Hub’s chairman and CEO, described the growth as encouraging, although he noted that the company did not attain an increase in net margin in 2003 and did not achieve its goals for acquisitions.

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Insurance Journal West March 22, 2004
March 22, 2004
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