##### 



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

Rianna Yam

Confirmed as of the date first above written:

|                          |  |                               | 
|------------------------- |  | ----------------------------- | 
|HUB International Limited | 
|                          |  |                               | 
|                         
|By:                       |  |                              
|                          |  | /s/ Dennis Pauls

(Signature)
|                          |  |                               | 
|                         
|Name:                     |  |                              
|                          |  | Dennis Pauls

(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 %
|            |  |             |  |      |     |              |  |                 |  |             
|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 | 





---



##### 



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
|            |  |             |  |             |  |      |    |              |  |                
|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  |