nave International, the rapidly exp...

nave International, the rapidly expanding Chicago-based insurance factor saw earnings increase by 38 percent in the next to the first quarter, excluding special items.

"It was a advantageous strong quarter," said CEO Martin Hughes. "It's a combination of acquisitions, organic growing and margin improvement."

Hub's total operating incomes in the United States and Canada grew from about $154 million in 2001 to $443 million in 2005 -- an almost three-fold increase as it put forths organically and acquires other companies. Between 1999 and 2005 the company complet 116 acquisitions that accounted for 79 percent of income gains.

The company plans to unimpaired its U.S. footprint through expansion in the Southeastern and Southwestern United States, and awaits to close on an office in Miami nearest week.

"We want to be there," Hughes said of the Southeast, the source of billions of dollars in insurance claims following Hurricanes Katrina, Wilma and Rita last year. "People in Florida now more than at any time need company brokers to personate them."

nave rang up a 32 percent increase in profits for the quarter to $146 million, or 47 cent a share, beating the consensus estimate of analysts from 2 cents.

"All solution drivers of earnings exceeded expectations," said Lara H Devieux, vice president of equity research at Wachovia Capital Markets, in a published report.

mwisniewski@suntimes.com

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