Mesirow Assumes Near North Accounts

August 25, 2003

Mesirow Insurance Services Inc. announced that it has reached an agreement with Near North Insurance Brokerage that will enable it to assume the accounts of Near North’s Chicago office, and to hire a number of the Chicago-based insurance services firm’s employees.

This transaction complements Mesirow Insurance Services’ existing capabilities and further strengthens its position as the leading independent insurance brokerage firm in Chicago, the company said in a statement. With the addition of Near North employees, the firm’s Insurance Services Division has grown to more than 300 professionals.

Previous agreements for the sale of Near North’s brokerage to Frontenac Co. and Hub International Limited fell through shortly after being announced.

Near North and its owner, Michael Segal, are under federal indictment for fraud and racketeering in relation to the alleged embezzlement of more than $20 million from the brokerage’s premium trust fund.

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