Exhibit 99.1

Hub International Closes Talbot Financial Acquisition

    CHICAGO--(BUSINESS WIRE)--July 1, 2004--

       New Unit Adds Approximately $100 million to revenue base;
        Expands Hub's U.S. Footprint Across Southwest and West

    Hub International Limited (NYSE:HBG)(TSX:HBG) today announced
completion of its previously announced acquisition of Talbot Financial
Corporation, a $100 million revenue insurance brokerage based in
Albuquerque, New Mexico. The purchase for cash and stock fulfills an
important component of Hub's expansion strategy by expanding the
company's U.S. footprint across several states in the Southwest and
West.
    "The Talbot acquisition is a major step forward for Hub,
increasing our revenue base by roughly one third and adding a highly
talented and disciplined team of professionals to our organization,"
said Martin P. Hughes, Hub's chairman and chief executive officer.
    The acquisition from Safeco Corporation was implemented via Hub
International's purchase of a 70% interest in Satellite Acquisition
Corporation, a corporation formed by Randy Talbot and senior
management at Talbot. Proceeds of the investment were used to purchase
Talbot and all of its subsidiaries from Safeco for $90 million in
cash. Hub will purchase the remaining 30% interest from Talbot
management over the next three years, with the right to use a
combination of both restricted and unrestricted shares of Hub common
stock. All earnings from Talbot will accrue to Hub as of the date of
closing.
    Hub International employs a combination of cash and restricted
stock in many acquisitions, with a goal of increasing the long-term
alignment of management interests with the interests of all
shareholders.
    "Talbot's management team, headed by David Weymouth, CEO and Roy
Taylor, President, has worked within a public company environment as a
part of the Safeco organization and they understand the mandate to
build value for shareholders," Hughes noted. "We know they will be an
important driver of our revenue and earnings growth over the long
term."
    During the three years ending December 31, 2006, Hub's purchase of
Talbot management's 30% interest in Satellite Acquisition Corporation
will be recorded as compensation expense, leading to some reduction in
reported earnings. Based on Talbot's 2003 earnings, it is expected
that the net expense for non-cash stock based compensation will be
approximately $16 million in 2004, $8 million in 2005 and $2 million
in 2006. If Talbot management exceeds specific performance goals, the
total compensation impact would increase by $2.10 for each additional
dollar of EBITA (earnings before interest, taxes and amortization)
that Talbot generates.
    "Although we expect this charge to have a negative impact on
reported GAAP earnings in the near-term, the long-term benefits of
this acquisition should reward shareholders," Hughes said.
    Hughes added that Talbot's financial results through June 30,
balance sheet impact of the acquisition and other figures will be
discussed in greater detail on Hub's next quarterly earnings
conference call. In addition, the company will update its earnings
guidance to include the impact of the Talbot acquisition at that time.

    Headquartered in Chicago, IL, Hub International is a leading North
American insurance brokerage that provides a full array of insurance
brokerage services to mid-sized companies, associations and other
buyers. Talbot derives most of its revenues from traditional
middle-market commercial lines, personal lines, employee benefits and
life insurance. The sale of annuities and other financial products
accounts for approximately 10% of Talbot's revenue.

    This press release may contain forward-looking statements which
reflect our current views with respect to future events and financial
performance. These forward-looking statements relate, among other
things, to our plans and objectives for future operations and are
subject to uncertainties and other factors that could cause actual
results to differ materially from such statements. These uncertainties
and other factors include, but are not limited to, risks associated
with implementing our business strategies, identifying and
consummating acquisitions, integrating acquired brokerages, attaining
greater market share, developing and implementing effective
information technology systems, recruiting and retaining qualified
employees, fluctuations in the premiums charged by insurance companies
with corresponding fluctuations in our premium-based revenue, any loss
of services of key executives, industry consolidation, increased
competition in the industry, fluctuations in the demand for insurance
products and the passage of new legislation subjecting our business to
regulation in jurisdictions where we operate. We caution readers not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Additional
information regarding these risks and other factors that could cause
Hub International's actual results to differ materially from our
expectations is contained in the company's filings with the Securities
and Exchange Commission and the Canadian securities commissions.
Except as otherwise required by federal securities laws, Hub
International undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.

    CONTACT: Hub International, Chicago
             W. Kirk James, 312-279-4881
             Vice President, Secretary and Chief Development Officer
             kjames@hubinternational.com