Hub International Acquires Kaye Group

On June 28, 2001, Hub International Limited (a subsidiary of Fairfax Financial Holdings Limited) announced that it had completed a US$128 million acquisition of Kaye Group Inc. of New York. Hub funded the payment of the merger consideration through a combination of its own cash reserves, the sale of subordinate convertible debentures to Zurich Insurance and US subsidiaries of Fairfax, and bank facilities. The deal was led by Kirk James at Hub and Shearman & Sterling, with a team consisting of Brice T. Voran, Christopher J. Cummings, Susan S. Lehner, Nancy Hoi Bertrand and David T. Wilson. The Torys team for Hub on the Canadian aspects of the merger and on the Canadian and US aspects of the financing included Mike Siltala, John Emanoilidis, Sarah Lerchs and Mel Blair, with assistance from Jim Turner and Andy Beck.