Exhibit 10.1

[On Bank of Montreal Letterhead]

HUB International Limited
55 East Jackson Street Boulevard
Chicago, IL
USA, 60604-4187

        Attention:   Dennis Pauls       Re:   Swap Transaction (Our Ref.
No. 300323 / 353660)

Dear Sir/Madam:

     The purpose of this letter agreement is to set forth the terms and
conditions of the Swap Transaction entered into between the BANK OF MONTREAL
(“BMO”) and HUB International Limited (“Counterparty”) on the Trade Date
specified below (the “Swap Transaction”). This letter agreement will constitute
a “Confirmation” as referred to in the Agreement specified below.

     The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., are
incorporated into this Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

     This Confirmation evidences a complete binding agreement between BMO and
the Counterparty. This Confirmation constitutes a Confirmation subject to the
terms of a master agreement (the “Agreement”). The Agreement shall be in the
form of the 1992 Master Agreement (Multicurrency-Cross Border) published by the
International Swaps and Derivatives Association, Inc. (the “ISDA” Form) with
such modifications as BMO and the Counterparty shall in good faith agree. Until
BMO and the Counterparty execute and deliver the Agreement, (i) BMO and the
Counterparty shall be deemed to have entered into an agreement in the form of
the ISDA Form (without a Schedule), governed by the laws of the State of New
York and (ii) this Confirmation, together with all other documents (each an
“Other Confirmation”) confirming Specified Transactions (as defined in the ISDA
Form) (this Swap Transaction together with such Specified Transactions,
collectively, “Transactions”) heretofore, now or hereafter entered into between
BMO and the Counterparty (except any Other Confirmation that expressly provides
to the contrary), shall supplement, form a part of, and be subject to, an
agreement in the form of such ISDA Form as if BMO and the Counterparty had
executed an agreement in such form on the Trade Date of the first such
Transaction between BMO and the Counterparty. Upon such execution and delivery
of the Agreement, the terms thereof shall supercede such ISDA Form as applicable
to this Swap Transaction and the other Transactions, and this Confirmation and
the Other Confirmations shall supplement, form a part of, and be subject to, the
Agreement.

1.   The terms of the particular Swap Transaction to which this Confirmation
relates are as follows:

      Trade Date:   15 July 2003       Effective Date:   16 June 2003      
Termination Date:   15 June 2010       USD Fixed Amount:   As specified in
Schedule I attached initially USD 10,000,000.00       Fixed Rate Per Payer:  
BANK OF MONTREAL       Fixed Rate Payer Payment Dates:   Subject to adjustment
in accordance with the Modified Following Business Day Convention: The 15
December and June of each year prior to and including the Termination Date,
commencing with 15 December 2003.

 

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      Period End Date:   Unadjusted       Fixed Rate and Fixed Rate Day Count
Fraction:   5.71% for the Initial Calculation Period and each succeeding
Calculation Period on a basis of 30/360 (Unadjusted).       Fees:   Not
Applicable       Business Days for USD Payment:   New York, Toronto       USD
Floating Amount:   As specified in Schedule I attached initially USD
10,000,000.00       Floating Rate Payer:   HUB International Limited      
Floating Rate Payer Payment Dates:   Subject to adjustment in accordance with
the Modified Following Business Day Convention: The 15 December and June of each
year prior to and including the Termination Date, commencing with 15 December
2003.       Floating Rate for Initial
Calculation Period:     (excluding the spread):   1.11875%       Calculation
Agent:   BANK OF MONTREAL       Fees:   Not Applicable       Floating Rate
Option:   USD-LIBOR-BBA       Spread:   plus 2.54%       Floating Rate Day Count
Fraction:   Actual/360       Designated Maturity:   3 MONTH       Reset Dates:  
First day of each Calculation Period, or Compounding Period, if Compounding is
applicable.       Compounding:   FLAT       Compounding Dates:   The 15
September, December, March and June of each year subject to adjustment in
accordance with the Modified Following Business Day Convention.       Business
Days for USD Payment:   New York, Toronto       Business Days for Floating
Rate Reset:   London

 

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2.   MUTUAL RIGHT TO TERMINATE:       Either party may, provided that no Event
of Default or Potential Event of Default exists with respects to that party,
elect to terminate this Swap Transaction on the 4th Anniversary of the Effective
Date (the “Optional Termination Date”), by providing at least 5 days prior
notice to the other party. Notice may be provided by telephone but is to be
followed up with a written notice. In the event a party, (the “Terminating
Party”) elects to terminate a Transaction pursuant to the foregoing, the
Terminating Party shall at or prior to 2:00 p.m. Toronto time on the Optional
Termination Date, determine the amount payable in respect of this Swap
Transaction (the “Market Value”) by making the calculations required by
Section 6(e)(i) of the Agreement as if the Optional Termination Date were an
Early Termination Date designated as a result of the occurrence of an Event of
Default with respect to the Terminating Party and the parties had specified Loss
and the Second Method for that purpose. The Market Value will be paid by the
relevant party on the second Business Day following the Optional Termination
Date.       If there is a dispute between the parties as to the calculation of
the Market Value,

  (a)   the parties will consult with each other in an attempt to resolve the
dispute; and     (b)   if the parties fail to resolve the dispute prior to 3:00
p.m. Toronto time on the Optional Termination Date, then Bank of Montreal shall
recalculate the Market Value by making calculations required by Section 6(e)(i)
of the Agreement as if the Optional Termination Date were an Early Termination
Date designated as a result of the occurrence of an Event of Default with
respect to the Terminating Party and the parties had specified Market Quotation
and the Second Method for that purpose.

    Promptly following a resolution pursuant to this paragraph, the Market Value
will be paid by the relevant party on the second Business Day following the
Optional Termination Date.       Upon Payment of such sum as provided herein,
the obligations of both parties with respect to this Transaction shall be
discharged in full.   3.   Account Details

      Payments to HUB International Limited:                 USD              
Please Advise Payments to BANK OF MONTREAL:                 USD         HARRIS
BANK INTERNATIONAL CORPORATION
3 TIMES SQUARE
NEW YORK USA
Account #: 21077777
ATTN: DERIVATIVES OPERATIONS.

 

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4.   Address for Notices in connection with the Swap Transaction.

          (a)   BANK OF MONTREAL:             EMFISYS – DERIVATIVES OPERATIONS
130 ADELAIDE STREET WEST
SUITE 500
TORONTO, ON
CANADA, M5H 4E1               Attention:   Senior Manager
Swap Desk               Facsimile:   416-867-4778     Telex No:   0621778    
Answerback:               (b)   HUB International Limited:             55 East
Jackson Street Boulevard
Chicago, IL
USA, 60604-4187               Attention:   Dennis Pauls               Telephone:
Facsimile:   8,877-402-6601
8,877-402-6606

5.   Offices:

  (a)   The Office of BANK OF MONTREAL for the Swap Transaction is TORONTO,
CANADA.     (b)   The Office of the Counterparty for the Swap Transaction is
Chicago, USA.

          6.   Documents to be delivered:   Each party shall deliver to the
other, at the time of its execution of this Confirmation, evidence of the
specimen signature and incumbency of each person who is executing the
Confirmation on the party’s behalf, unless such evidence has previously been
supplied in connection with the Agreement and remains true and in effect.

It is the express wish of the parties that this agreement and any related
documents be drawn up and executed in English. Les parties conviennent que la
prèsente convention et tous les documents s’y rattachant soient rèdigès et
signès en anglais.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this Confirmation and returning it to us.

Please contact Franca Miceli at 416-867-4083 or Kareen Sewell-Pilgrim at
416-867-7390 if you have any questions or discrepancies.

BMO confirms and the Counterparty acknowledges that the Bank uses a
computer-based system to execute and transmit Confirmations. The parties hereby
acknowledge and accept the use and validity of Confirmations which have been
executed by means of an electronically-produced signature, and which have been
transmitted and

 

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reproduced by telecopier or similar device. The parties acknowledge that in any
legal proceedings between them respecting or in any way relating to this
Confirmation, each hereby expressly waives any right to raise any defense or
waiver of liability based upon the reproduction of this document by telecopier
for evidentiary purpose, or the execution of this document by means of an
electronically-produced signature. (Our Ref. No. 300323/353660)

Yours sincerely,

        BANK OF MONTREAL             By:       Name:         /s/ Rianna Yam

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Rianna Yam

Confirmed as of the date first above written:

        HUB International Limited             By:         /s/ Dennis Pauls

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(Signature)           Name:         Dennis Pauls

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(Please Print)           Title:   VP & CFO

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Schedule I.

Cashflow Schedule: BANK OF MONTREAL 300323/353660

Side 1
BANK OF MONTREAL pays USD FIXED to HUB International Limited

                                  Period Beg   Period End   Days   Payment Date
  Notional Amount   Fixed Rate %

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15 Jun 2003   15 Dec 2003     180     15 Dec 2003     10,000,000.00       5.71  
15 Dec 2003   15 Jun 2004     180     15 Jun 2004     10,000,000.00       5.71  
15 Jun 2004   15 Dec 2004     180     15 Dec 2004     10,000,000.00       5.71  
15 Dec 2004   15 Jun 2005     180     15 Jun 2005     10,000,000.00       5.71  
15 Jun 2005   15 Dec 2005     180     15 Dec 2005     10,000,000.00       5.71  
15 Dec 2005   15 Jun 2006     180     15 Jun 2006     10,000,000.00       5.71  
15 Jun 2006   15 Dec 2006     180     15 Dec 2006     10,000,000.00       5.71  
15 Dec 2006   15 Jun 2007     180     15 Jun 2007     10,000,000.00       5.71  
15 Jun 2007   15 Dec 2007     180     17 Dec 2007     10,000,000.00       5.71  
15 Dec 2007   15 Jun 2008     180     16 Jun 2008     10,000,000.00       5.71  
15 Jun 2008   15 Dec 2008     180     15 Dec 2008     6,666,666.67       5.71  
15 Dec 2008   15 Jun 2009     180     15 Jun 2009     6,666,666.67       5.71  
15 Jun 2009   15 Dec 2009     180     15 Dec 2009     3,333,333.34       5.71  
15 Dec 2009   15 Jun 2010     180     15 Jun 2010     3,333,333.34       5.71  

 

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Side 2
HUB International Limited pays USD 3 MONTH LIBOR T3750 to BANK OF MONTREAL

                              Calc Date   Period Beg   Period End   Days  
Payment Date   Notional Amount

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12 Jun 2003   16 Jun 2003   15 Sep 2003     91           10,000,000.00   11 Sep
2003   15 Sep 2003   15 Dec 2003     91     15 Dec 2003     10,000,000.00   11
Dec 2003   15 Dec 2003   15 Mar 2004     91           10,000,000.00   11 Mar
2004   15 Mar 2004   15 Jun 2004     92     15 Jun 2004     10,000,000.00   11
Jun 2004   15 Jun 2004   15 Sep 2004     92           10,000,000.00   13 Sep
2004   15 Sep 2004   15 Dec 2004     91     15 Dec 2004     10,000,000.00   13
Dec 2004   15 Dec 2004   15 Mar 2005     90           10,000,000.00   11 Mar
2005   15 Mar 2005   15 Jun 2005     92     15 Jun 2005     10,000,000.00   13
Jun 2005   15 Jun 2005   15 Sep 2005     92           10,000,000.00   13 Sep
2005   15 Sep 2005   15 Dec 2005     91     15 Dec 2005     10,000,000.00   13
Dec 2005   15 Dec 2005   15 Mar 2006     90           10,000,000.00   13 Mar
2006   15 Mar 2006   15 Jun 2006     92     15 Jun 2006     10,000,000.00   13
Jun 2006   15 Jun 2006   15 Sep 2006     92           10,000,000.00   13 Sep
2006   15 Sep 2006   15 Dec 2006     91     15 Dec 2006     10,000,000.00   13
Dec 2006   15 Dec 2006   15 Mar 2007     90           10,000,000.00   13 Mar
2007   15 Mar 2007   15 Jun 2007     92     15 Jun 2007     10,000,000.00   13
Jun 2007   15 Jun 2007   17 Sep 2007     94           10,000,000.00   13 Sep
2007   17 Sep 2007   17 Dec 2007     91     17 Dec 2007     10,000,000.00   13
Dec 2007   17 Dec 2007   17 Mar 2008     91           10,000,000.00   13 Mar
2008   17 Mar 2008   16 Jun 2008     91     16 Jun 2008     10,000,000.00   12
Jun 2008   16 Jun 2008   15 Sep 2008     91           6,666,666.67   11 Sep 2008
  15 Sep 2008   15 Dec 2008     91     15 Dec 2008     6,666,666.67   11 Dec
2008   15 Dec 2008   16 Mar 2009     91           6,666,666.67   12 Mar 2009  
16 Mar 2009   15 Jun 2009     91     15 Jun 2009     6,666,666.67   11 Jun 2009
  15 Jun 2009   15 Sep 2009     92           3,333,333.34   11 Sep 2009   15 Sep
2009   15 Dec 2009     91     15 Dec 2009     3,333,333.34   11 Dec 2009   15
Dec 2009   15 Mar 2010     90           3,333,333.34   11 Mar 2010   15 Mar 2010
  15 Jun 2010     92     15 Jun 2010     3,333,333.34