Chicago-based Hub International Limited reported it has terminated negotiations to acquire substantially all of the insurance brokerage operating assets of Near North National Group. Hub had announced the signing of a proposal for the purchase on July 25, 2003.
“Although we had strong interest in this acquisition, we were unable to negotiate terms that match our investment discipline and suit our structural objectives,” said Martin Hughes, Hub’s chairman and CEO. “Hub continues to pursue other acquisitions and we believe ample opportunities exist to acquire high quality brokerage firms.”
Hughes added that the company’s 2003 earnings guidance of $1.13-1.18 per diluted share did not include any impact from Near North.
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