Hub International Completes Private Debt Offering

June 12, 2003

Hub International Limited (NYSE:HBG) and (TSX:HBG) announced today that it has completed a private placement of US$65,000,000 in principal amount of unsecured senior notes.

The senior notes have been issued in two series: Series A represents US$10,000,000 of 5.71% senior notes due in 2010 and Series B represents US$55,000,000 of 6.16% senior notes dues in 2013.

The senior notes have been sold on a private basis in the United States to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933. Net proceeds of the sale of the senior notes will be used to pay down US$50,000,000 of existing bank indebtedness and for general corporate purposes, which may include future acquisitions.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of any securities referenced herein in Canada or in any state in which such offer, solicitation or sale would be unlawful. The senior notes have not been registered under the Securities Act of 1933, state securities laws or in Canada and may not be offered or sold in the United States or Canada absent registration or an applicable exemption from registration requirements.

Headquartered in Chicago, IL, Hub International is a leading North American insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.

Topics USA Canada

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