##### Table of Contents











SECURITIES AND EXCHANGE COMMISSION




FORM 10-Q


QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF


THE SECURITIES EXCHANGE ACT OF 1934









HUB INTERNATIONAL LIMITED




|                                                                                     |  |                                               
|------------------------------------------------------------------------------------ |  | ----------------------------------------------
|Canada(State or other jurisdiction of incorporation or
    organization)             |  | 36-4412416(I.R.S. Employer Identification No.)
|                                                                                    
|55 East Jackson Boulevard, Chicago, Illinois(Address of principal executive offices) |  | 60604(Zip Code)                               

(877) 402-6601


Registrants telephone number, including area code




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|                   |  |                                          
|------------------ |  | -----------------------------------------
|ClassCommon Shares |  | Outstanding at November 1, 200530,908,491











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HUB INTERNATIONAL LIMITED


INDEX


|                                                                                                                     |  |      |    | 
|-------------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|                                                                                                                     |  | Page |   
|                                                                                                                     |  |      |   
|PART I. FINANCIAL
    INFORMATION                                                                                    |  |      |    | 
|                                                                                                                    
|Item 1. Financial Statements
    (Unaudited)                                                                         |  |      | 3  | 
|                                                                                                                    
|Consolidated Balance Sheets as of
    September 30, 2005 and December 31, 2004                                       |  |      | 3  | 
|                                                                                                                    
|Consolidated Statements of Earnings for the
    three months and nine months ended September 30, 2005 and
    2004   |  |      | 4  | 
|                                                                                                                    
|Consolidated Statements of Retained
    Earnings for the nine months ended September 30, 2005 and
    2004           |  |      | 5  | 
|                                                                                                                    
|Consolidated Statements of Cash Flows for
    the three months and nine months ended September 30, 2005
    and 2004 |  |      | 6  | 
|                                                                                                                    
|Notes to Interim Consolidated Financial
    Statements                                                               |  |      | 7  | 
|                                                                                                                    
|Item 2. Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations                |  |      | 24 | 
|                                                                                                                    
|Item 3. Quantitative and
    Qualitative Disclosures about Market Risk                                               |  |      | 41 | 
|                                                                                                                    
|Item 4. Controls and
    Procedures                                                                                  |  |      | 41 | 
|                                                                                                                    
|PART II. OTHER INFORMATION                                                                                           |  |      | 41 | 
|                                                                                                                    
|Item 1. Legal Proceedings                                                                                            |  |      | 41 | 
|                                                                                                                    
|Item 2. Unregistered Sales of
    Equity Securities and Use of Proceeds                                              |  |      | 42 | 
|                                                                                                                    
|Item 5. Other Information                                                                                            |  |      | 42 | 
|                                                                                                                    
|Item 6. Exhibits                                                                                                     |  |      | 43 | 
|                                                                                                                    
|SIGNATURES                                                                                                           |  |      | 44 | 
|Exhibit 31.1                                                                                                        
|Exhibit 31.2                                                                                                        
|Exhibit 32.1                                                                                                        
|Exhibit 32.2                                                                                                        







|                           |                                    
|-------------------------- | -----------------------------------
|2HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents






PART I. FINANCIAL INFORMATION





Item 1. Financial Statements (Unaudited)


Hub International Limited





Consolidated Balance Sheets


As of September 30, 2005 and December 31, 2004


(in thousands of U.S. dollars)


|                                                  |  |             |         |  |      |   |         | 
|------------------------------------------------- |  | ----------- | ------- |  | ---- | - | ------- | 
|                                                  |  | 2005        |         |  | 2004 |  
|                                                  |  |             |         |  |      |  
|                                                  |  | (Unaudited) |         |  |     
|ASSETS                                            |  |             |         |  |      |   |         | 
|                                                 
|Current assets:                                   |  |             |         |  |      |   |         | 
|Cash and cash equivalents                         |  | $           | 122,443 |  |      | $ | 98,204  | 
|Trust cash                                        |  |             | 64,120  |  |      |   | 71,718  | 
|Accounts and other receivables                    |  |             | 158,306 |  |      |   | 162,841 | 
|Income taxes receivable                           |  |             | 7,061   |  |      |   | 6,208   | 
|Future income taxes                               |  |             | 3,635   |  |      |   | 3,901   | 
|Prepaid expenses                                  |  |             | 8,173   |  |      |   | 5,835   | 
|                                                  |  |             |         |  |      |  
|Total current assets                              |  |             | 363,738 |  |      |   | 348,707 | 
|Goodwill                                          |  |             | 396,246 |  |      |   | 376,676 | 
|Other intangible assets                           |  |             | 88,387  |  |      |   | 88,842  | 
|Property and equipment                            |  |             | 26,589  |  |      |   | 27,907  | 
|Future income taxes                               |  |             | 11,549  |  |      |   | 4,368   | 
|Other assets                                      |  |             | 10,445  |  |      |   | 11,035  | 
|                                                  |  |             |         |  |      |  
|Total assets                                      |  | $           | 896,954 |  |      | $ | 857,535 | 
|                                                  |  |             |         |  |      |  
|                                                 
|LIABILITIES AND SHAREHOLDERS EQUITY              |  |             |         |  |      |   |         | 
|                                                 
|Current liabilities:                              |  |             |         |  |      |   |         | 
|Accounts payable and accrued liabilities          |  | $           | 273,319 |  |      | $ | 271,843 | 
|Income taxes payable                              |  |             | 4,199   |  |      |   | 2,273   | 
|Future income taxes                               |  |             | 440     |  |      |   | 34      | 
|Current portion long-term debt and capital leases |  |             | 14,779  |  |      |   | 5,195   | 
|                                                  |  |             |         |  |      |  
|Total current liabilities                         |  |             | 292,737 |  |      |   | 279,345 | 
|                                                 
|Long-term debt and capital leases                 |  |             | 135,112 |  |      |   | 146,602 | 
|Subordinated convertible debentures               |  |             | 35,000  |  |      |   | 35,000  | 
|Future income taxes                               |  |             | 22,761  |  |      |   | 14,805  | 
|                                                  |  |             |         |  |      |  
|Total liabilities                                 |  |             | 485,610 |  |      |   | 475,752 | 
|                                                  |  |             |         |  |      |  
|                                                 
|Commitments and Contingencies                     |  |             |         |  |      |   |         | 
|                                                 
|Shareholders equity                              |  |             |         |  |      |   |         | 
|Share capital                                     |  |             | 267,150 |  |      |   | 259,617 | 
|Contributed surplus                               |  |             | 15,830  |  |      |   | 12,681  | 
|Cumulative translation account                    |  |             | 31,386  |  |      |   | 26,983  | 
|Retained earnings                                 |  |             | 96,978  |  |      |   | 82,502  | 
|                                                  |  |             |         |  |      |  
|Total shareholders equity                        |  |             | 411,344 |  |      |   | 381,783 | 
|                                                  |  |             |         |  |      |  
|Total liabilities and shareholders equity        |  | $           | 896,954 |  |      | $ | 857,535 | 
|                                                  |  |             |         |  |      |  

(the accompanying notes form an integral part of the interim
financial statements)






|                                    |                            
|----------------------------------- | ---------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 3



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##### Table of Contents



Hub International Limited





Consolidated Statements of Earnings


For the three months and nine months ended September 30,
2005 and 2004


(in thousands of U.S. dollars, except per share
amounts)


(Unaudited)


|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |         |  
|--------------------------------------------------------------- | -------------------------------------------------------------------------- | ------------- | ------ | ------ | ----------------- | - | ------ | ------ | - | - | ------- | ------- | - | - | ------- | ------- | -
|                                                                |                                                                            | Third quarter |        |        | First nine months |  
|                                                                |                                                                            |               |        |        |                   |  
|                                                                |                                                                            | 2005          |        |        | 2004              |   |        | 2005   |   |   | 2004    |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Revenue                                                         |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |        
|                                                                | Commission income                                                          |               | $      | 92,560 |                   |   | $      | 87,524 |   |   | $       | 283,271 |   |   | $       | 226,032 |  
|                                                                | Contingent commissions and volume overrides                                |               |        | 2,391  |                   |   |        | 1,866  |   |   |         | 35,794  |   |   |         | 19,940  |  
|                                                                | Other                                                                      |               |        | 3,332  |                   |   |        | 2,636  |   |   |         | 9,413   |   |   |         | 7,634   |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                                |                                                                            |               | 98,283 |        |                   |   | 92,026 |        |   |   | 328,478 |         |   |   | 253,606 |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Expenses                                                        |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |        
|                                                                | Employee cash compensation                                                 |               |        | 58,518 |                   |   |        | 55,493 |   |   |         | 181,246 |   |   |         | 138,244 |  
|                                                                | Selling, occupancy and administration                                      |               |        | 20,358 |                   |   |        | 18,857 |   |   |         | 60,270  |   |   |         | 50,496  |  
|                                                                | Depreciation                                                               |               |        | 2,200  |                   |   |        | 1,950  |   |   |         | 6,378   |   |   |         | 5,267   |  
|                                                                | Interest expense                                                           |               |        | 2,710  |                   |   |        | 2,275  |   |   |         | 7,626   |   |   |         | 5,638   |  
|                                                                | Intangible asset amortization                                              |               |        | 1,961  |                   |   |        | 1,901  |   |   |         | 5,657   |   |   |         | 3,617   |  
|                                                                | Compensation for Talbot earnout                                            |               |        | 7,576  |                   |   |        | 6,889  |   |   |         | 23,491  |   |   |         | 6,889   |  
|                                                                | Other non-cash stock based compensation                                    |               |        | 1,565  |                   |   |        | 1,457  |   |   |         | 5,300   |   |   |         | 4,772   |  
|                                                                | Gain on disposal of subsidiaries, property, equipment and other
    assets |               |        | (224   | )                 |   |        | (986   | ) |   |         | (2,657  | ) |   |         | (1,545  | )
|                                                                | Loss on foreign exchange forward contract                                  |               |        | 555    |                   |   |        |       |   |   |         | 555     |   |   |         |        |  
|                                                                | Gain on forgiveness of debt                                                |               |        |       |                   |   |        |       |   |   |         | (4,500  | ) |   |         |        |  
|                                                                | Loss on write-off of trademarks                                            |               |        |       |                   |   |        |       |   |   |         |        |   |   |         | 2,587   |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                                |                                                                            |               | 95,219 |        |                   |   | 87,836 |        |   |   | 283,366 |         |   |   | 215,965 |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                               
|Net earnings from continuing operations before income
    taxes |                                                                            |               | 3,064  |        |                   |   | 4,190  |        |   |   | 45,112  |         |   |   | 37,641  |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Provision for income tax expense (benefit)                      |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |        
|                                                                | Current                                                                    |               |        | 1,609  |                   |   |        | 5,055  |   |   |         | 24,102  |   |   |         | 16,785  |  
|                                                                | Future                                                                     |               |        | 1,775  |                   |   |        | (2,077 | ) |   |         | 867     |   |   |         | (1,570  | )
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                                |                                                                            |               | 3,384  |        |                   |   | 2,978  |        |   |   | 24,969  |         |   |   | 15,215  |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Net earnings (loss) from continuing operations                  |                                                                            |               | (320   | )      |                   |   | 1,212  |        |   |   | 20,143  |         |   |   | 22,426  |        
|Net loss from discontinued operations                           |                                                                            |               | (421   | )      |                   |   | (66    | )      |   |   | (136    | )       |   |   | (66     | )      
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Net earnings (loss)                                             |                                                                            | $             | (741   | )      |                   | $ | 1,146  |        |   | $ | 20,007  |         |   | $ | 22,360  |        
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                               
|Basic earnings (loss) per share                                 |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |        
|                                                                | Continuing operations                                                      |               | $      | (0.01  | )                 |   | $      | 0.04   |   |   | $       | 0.66    |   |   | $       | 0.74    |  
|                                                                | Discontinued operations                                                    |               |        | (0.01  | )                 |   |        | 0.00   |   |   |         | 0.00    |   |   |         | 0.00    |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                                | Total operations                                                           |               | $      | (0.02  | )                 |   | $      | 0.04   |   |   | $       | 0.66    |   |   | $       | 0.74    |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Diluted earnings (loss) per share                               |                                                                            |               |        |        |                   |   |        |        |   |   |         |         |   |   |         |        
|                                                                | Continuing operations                                                      |               | $      | (0.01  | )                 |   | $      | 0.04   |   |   | $       | 0.59    |   |   | $       | 0.68    |  
|                                                                | Discontinued operations                                                    |               |        | (0.01  | )                 |   |        | 0.00   |   |   |         | 0.00    |   |   |         | 0.00    |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|                                                                | Total operations                                                           |               | $      | (0.02  | )                 |   | $      | 0.04   |   |   | $       | 0.59    |   |   | $       | 0.68    |  
|                                                                |                                                                            |               |        |        |                   |   |        |        |   |   |         |        
|Weighted average shares outstanding
     Basic (000s)         |                                                                            |               | 30,600 |        |                   |   | 30,292 |        |   |   | 30,471  |         |   |   | 30,192  |        
|Weighted average shares outstanding
     Diluted (000s)       |                                                                            |               | 30,600 |        |                   |   | 32,612 |        |   |   | 36,657  |         |   |   | 34,952  |        

(the accompanying notes form an integral part of the interim
financial statements)






|                           |                                    
|-------------------------- | -----------------------------------
|4HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



Hub International Limited





Consolidated Statements of Retained Earnings


For the nine months ended September 30, 2005 and 2004


(in thousands of U.S. dollars)


(Unaudited)


|                                        |  |      |        |   |      |   |        |  
|--------------------------------------- |  | ---- | ------ | - | ---- | - | ------ | -
|                                        |  | 2005 |        |   | 2004 |  
|                                        |  |      |        |   |      |  
|Retained earnings  Beginning of period |  | $    | 82,502 |   |      | $ | 62,356 |  
|Net earnings                            |  |      | 20,007 |   |      |   | 22,360 |  
|Dividends                               |  |      | (5,531 | ) |      |   | (4,570 | )
|                                        |  |      |        |   |      |  
|Retained earnings  End of period       |  | $    | 96,978 |   |      | $ | 80,146 |  
|                                        |  |      |        |   |      |  

(the accompanying notes form an integral part of the interim
financial statements)






|                                    |                            
|----------------------------------- | ---------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 5



---



##### Table of Contents



Hub International Limited





Consolidated Statements of Cash Flows


For the three months and nine months ended September 30,
2005 and 2004


(in thousands of U.S. dollars)


(Unaudited)


|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------- | ------------- | ------- | ------- | ----------------- | - | ------- | ------- | - | - | ------- | ------- | - | - | ------- | ------- | -
|                                                                 |                                                                            | Third quarter |         |         | First nine months |  
|                                                                 |                                                                            |               |         |         |                   |  
|                                                                 |                                                                            | 2005          |         |         | 2004              |   |         | 2005    |   |   | 2004    |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|OPERATING ACTIVITIES                                             |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |        
|Net earnings (loss)                                              |                                                                            | $             | (741    | )       |                   | $ | 1,146   |         |   | $ | 20,007  |         |   | $ | 22,360  |        
|Items not affecting cash                                         |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |        
|                                                                 | Amortization and depreciation                                              |               |         | 4,267   |                   |   |         | 3,866   |   |   |         | 12,229  |   |   |         | 8,900   |  
|                                                                 | Gain on disposal of subsidiaries, property, equipment and other
    assets |               |         | (229    | )                 |   |         | (981    | ) |   |         | (2,623  | ) |   |         | (1,540  | )
|                                                                 | Compensation for Talbot earnout  non-cash stock based                     |               |         | 4,289   |                   |   |         | 6,889   |   |   |         | 13,691  |   |   |         | 6,889   |  
|                                                                 | Other non-cash stock based compensation                                    |               |         | 1,565   |                   |   |         | 1,457   |   |   |         | 5,300   |   |   |         | 4,772   |  
|                                                                 | Gain on forgiveness of debt                                                |               |         |        |                   |   |         |        |   |   |         | (4,500  | ) |   |         |        |  
|                                                                 | Loss on write-off of trademarks                                            |               |         |        |                   |   |         |        |   |   |         |        |   |   |         | 2,587   |  
|                                                                 | Future income taxes                                                        |               |         | 1,742   |                   |   |         | (2,077  | ) |   |         | 846     |   |   |         | (1,570  | )
|Non-cash working capital items                                   |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |        
|                                                                 | Trust cash                                                                 |               |         | 8,169   |                   |   |         | 1,850   |   |   |         | 13,933  |   |   |         | 1,867   |  
|                                                                 | Accounts and other receivables                                             |               |         | 71,316  |                   |   |         | 54,259  |   |   |         | 29,193  |   |   |         | 40,669  |  
|                                                                 | Prepaid expenses                                                           |               |         | (1,233  | )                 |   |         | (203    | ) |   |         | (2,149  | ) |   |         | (3,837  | )
|                                                                 | Accounts payable and accrued liabilities                                   |               |         | (64,168 | )                 |   |         | (50,118 | ) |   |         | (44,368 | ) |   |         | (49,628 | )
|                                                                 | Compensation for Talbot earnout  cash                                     |               |         | (13,147 | )                 |   |         |        |   |   |         | (6,634  | ) |   |         |        |  
|                                                                 | Other assets                                                               |               |         | 129     |                   |   |         | 128     |   |   |         | 387     |   |   |         | 384     |  
|                                                                 | Income taxes                                                               |               |         | (3,518  | )                 |   |         | (837    | ) |   |         | 1,074   |   |   |         | (981    | )
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Net cash flows from operating activities                         |                                                                            |               | 8,441   |         |                   |   | 15,379  |         |   |   | 36,386  |         |   |   | 30,872  |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|INVESTING ACTIVITIES                                             |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |        
|Property and equipment  purchases                               |                                                                            |               | (2,057  | )       |                   |   | (2,086  | )       |   |   | (4,714  | )       |   |   | (4,993  | )      
|Property and equipment  proceeds on sale                        |                                                                            |               | 6       |         |                   |   | 60      |         |   |   | 20      |         |   |   | 142     |        
|Purchase of subsidiaries, net of cash received                   |                                                                            |               | (10,259 | )       |                   |   | (78,495 | )       |   |   | (18,418 | )       |   |   | (90,385 | )      
|Sale of subsidiaries                                             |                                                                            |               | 1,007   |         |                   |   | 1,895   |         |   |   | 4,863   |         |   |   | 6,062   |        
|Other assets                                                     |                                                                            |               | 580     |         |                   |   | 34      |         |   |   | 5,102   |         |   |   | 388     |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Net cash flows (used for) investing activities                   |                                                                            |               | (10,723 | )       |                   |   | (78,592 | )       |   |   | (13,147 | )       |   |   | (88,786 | )      
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|FINANCING ACTIVITIES                                             |                                                                            |               |         |         |                   |   |         |         |   |   |         |         |   |   |         |        
|Long-term debt and capital leases  advances                     |                                                                            |               | 10,000  |         |                   |   |        |         |   |   | 10,000  |         |   |   | 65,000  |        
|Long-term debt and capital leases  repayments                   |                                                                            |               | (2,273  | )       |                   |   | (3,449  | )       |   |   | (7,471  | )       |   |   | (8,169  | )      
|Share capital  issued for cash, net of issue costs              |                                                                            |               |        |         |                   |   |        |         |   |   | 15      |         |   |   | 480     |        
|Proceeds from exercise of stock options                          |                                                                            |               | 1,597   |         |                   |   |        |         |   |   | 2,253   |         |   |   |        |        
|Dividends paid                                                   |                                                                            |               | (1,851  | )       |                   |   | (1,527  | )       |   |   | (5,531  | )       |   |   | (4,570  | )      
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Net cash flows from (used for) financing activities              |                                                                            |               | 7,473   |         |                   |   | (4,976  | )       |   |   | (734    | )       |   |   | 52,741  |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Effect of exchange rate changes on cash and cash
    equivalents |                                                                            |               | 2,675   |         |                   |   | 1,770   |         |   |   | 1,734   |         |   |   | 1,229   |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Change in cash and cash equivalents                              |                                                                            |               | 7,866   |         |                   |   | (66,419 | )       |   |   | 24,239  |         |   |   | (3,944  | )      
|Cash and cash equivalents  Beginning of period                  |                                                                            |               | 114,577 |         |                   |   | 144,527 |         |   |   | 98,204  |         |   |   | 82,052  |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        
|Cash and cash equivalents  End of period                        |                                                                            | $             | 122,443 |         |                   | $ | 78,108  |         |   | $ | 122,443 |         |   | $ | 78,108  |        
|                                                                 |                                                                            |               |         |         |                   |   |         |         |   |   |         |        

(the accompanying notes form an integral part of the interim
financial statements)






|                           |                                    
|-------------------------- | -----------------------------------
|6HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



Hub International Limited





Notes to Interim Consolidated Financial Statements


For the three months and nine months ended September 30,
2005 and 2004 (unaudited) 
 (in thousands of U.S. dollars, except per share amounts or
as otherwise indicated)


1.  Nature of Operations




2.  Summary of Significant Accounting Policies




3.  Commitments and contingencies


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | On July 1, 2004, the Company purchased all of the common
    shares of Satellite Acquisition Corporation
    (Satellite) a corporation formed by senior
    management at Talbot Financial Corporation (Talbot).
    In turn, Satellite purchased 100% of Talbot from Safeco
    Corporation. The Company will purchase special shares of
    Satellite owned by the management of Talbot using a combination
    of both restricted and unrestricted common shares of the Company
    or cash. The first payment of $16.4 million was made in
    cash on September 1, 2005, based upon Talbots
    earnings for the 12 months ending December 31, 2004.
    The remaining payments will be made on March 31, 2006 and
    March 31, 2007 based upon Talbots earnings for the
    12 month periods ending December 31, 2005 and 2006,
    respectively. The contingent payment to Talbot management is
    recorded by the Company as a charge to earnings over the period
    in which the payments are earned. The Company estimates that the
    aggregate value of compensation which will be recognized under
    this arrangement will be $52 - $55 million, of
    which $7.6 million and $23.5 million were recognized
    in the three months and nine months ended September 30,
    2005 respectively, and $37.9 million has been recognized in
    total from the date of acquisition through September 30,
    2005 as an expense with an offsetting credit to accounts payable
    and accrued liabilities.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In connection with other various acquisitions completed through
    September 30, 2005, the Company may be obligated to pay
    contingent consideration up to a maximum sum of approximately
    $9.2 million in cash and $4.5 million in common shares
    of the Company based upon managements best estimate of
    acquired brokerages achieving certain targets. The contingent
    payments are payable on various dates through July 2009
    according to the terms and conditions of each purchase
    agreement. Any additional consideration will be recorded as an
    adjustment to goodwill once the contingency is resolved. In
    connection with contingent consideration earned as at
    September 30, 2005, the financial statements reflect a
    liability to pay cash of $2.4 million.



|    |                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | As previously disclosed, the insurance brokerage industry in
    general and certain of the Companys subsidiaries in
    particular are the subject of ongoing investigations by state
    Attorneys General and insurance regulators regarding contingent
    commissions and other practices. As also previously reported,
    various class actions have





|                                    |                            
|----------------------------------- | ---------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 7



---



##### Table of Contents



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | been filed with respect to such
    matters. The Company has not recorded a liability at
    September 30, 2005 related to these matters.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(c) | In connection with the
    Companys executive share purchase plan, under certain
    circumstances, the Company may be obligated to purchase loans
    for certain employees from a Canadian chartered bank totaling
    $4,036 and $4,287 as of September 30, 2005 and
    December 31, 2004, respectively, to assist in purchasing
    common shares of the Company. As collateral, the employees have
    pledged 395,000 and 431,000 of the Companys common shares
    as of September 30, 2005 and December 31, 2004,
    respectively, which have a market value of $8,940 and $7,885 as
    of September 30, 2005 and December 31, 2004,
    respectively. Interest on the loans in the amount of $48 and $45
    for the three months ended September 30, 2005 and 2004,
    respectively, and $144 and $141 for the nine months ended
    September 30, 2005 and 2004, respectively, was paid by the
    Company and is included in employee cash compensation expense.

4.  Acquisitions








|                                                 |  |   |        |  
|------------------------------------------------ |  | - | ------ | -
|Current assets                                   |  | $ | 3,554  |  
|Current liabilities                              |  |   | (4,047 | )
|Property, equipment and other assets             |  |   | 316    |  
|                                                 |  |   |       
|Net liabilities at fair value                    |  | $ | (177   | )
|                                                 |  |   |       
|Consideration                                    |  |   |        |  
|Cash                                             |  | $ | 10,886 |  
|Payable                                          |  |   | 488    |  
|Common shares (at market value)                  |  |   | 463    |  
|                                                 |  |   |       
|                                                 |  | $ | 11,837 |  
|                                                 |  |   |       
|                                                
|Goodwill                                         |  | $ | 9,143  |  
|Customer relationships                           |  |   | 2,721  |  
|Non-competition covenants                        |  |   | 150    |  
|                                                 |  |   |       
|                                                 |  | $ | 12,014 |  
|                                                 |  |   |       
|                                                
|Number of shares issued as consideration (000s) |  |   | 18     |  
|                                                 |  |   |       









|                           |                                    
|-------------------------- | -----------------------------------
|8HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



5.  Discontinued Operations






|                                           |  |               |       |   |                   |   |       |      |  |   |       |   |  |   |       |  
|------------------------------------------ |  | ------------- | ----- | - | ----------------- | - | ----- | ---- |  | - | ----- | - |  | - | ----- | -
|                                           |  | Third quarter |       |   | First nine months |  
|                                           |  |               |       |   |                   |  
|                                           |  | 2005          |       |   | 2004              |   |       | 2005 |  |   | 2004  |  
|                                           |  |               |       |   |                   |   |       |      |  |   |       |  
|Revenue                                    |  | $             | 1,351 |   |                   | $ | 2,876 |      |  | $ | 5,519 |   |  | $ | 2,876 |  
|Net loss before taxes                      |  | $             | (685  | ) |                   | $ | (89   | )    |  | $ | (126  | ) |  | $ | (89   | )
|Provision for income tax expense (benefit) |  | $             | (264  | ) |                   | $ | (23   | )    |  | $ | 10    |   |  | $ | (23   | )
|Net loss from discontinued operations      |  | $             | (421  | ) |                   | $ | (66   | )    |  | $ | (136  | ) |  | $ | (66   | )



|                                     |  |               |       |   |              |   |       | 
|------------------------------------ |  | ------------- | ----- | - | ------------ | - | ----- | 
|                                     |  | September 30, |       |   | December 31, |  
|                                     |  | 2005          |       |   | 2004         |  
|                                     |  |               |       |   |              |  
|Total current assets                 |  | $             | 2,671 |   |              | $ | 3,720 | 
|Total assets                         |  | $             | 5,495 |   |              | $ | 6,498 | 
|Total current liabilities            |  | $             | 4,933 |   |              | $ | 5,122 | 
|Total liabilities                    |  | $             | 5,777 |   |              | $ | 6,180 | 
|Total shareholders equity (deficit) |  | $             | (282  | ) |              | $ | 318   | 



|                                                            |  |         |     |   |             |   |      |      |  |   |      |   |  |   |      |  
|----------------------------------------------------------- |  | ------- | --- | - | ----------- | - | ---- | ---- |  | - | ---- | - |  | - | ---- | -
|                                                            |  | Third   |     |   | First       |  
|                                                            |  | quarter |     |   | nine months |  
|                                                            |  |         |     |   |             |  
|                                                            |  | 2005    |     |   | 2004        |   |      | 2005 |  |   | 2004 |  
|                                                            |  |         |     |   |             |   |      |      |  |   |      |  
|Net cash flows provided by operating activities             |  | $       | 128 |   |             | $ | 328  |      |  | $ | 400  |   |  | $ | 328  |  
|Net cash flows provided by investing activities             |  |         | 3   |   |             |   |     |      |  |   | 124  |   |  |   |     |  
|Net cash flows (used in) financing activities               |  |         | (87 | ) |             |   | (399 | )    |  |   | (756 | ) |  |   | (399 | )
|                                                            |  |         |     |   |             |   |      |      |  |   |      |  
|Net cash flow (used in)/provided by discontinued operations |  | $       | 44  |   |             | $ | (71  | )    |  | $ | (232 | ) |  | $ | (71  | )
|                                                            |  |         |     |   |             |   |      |      |  |   |      |  

6.  Accounts and Other Receivables




|                                         |  |               |         |   |              |   |         |  
|---------------------------------------- |  | ------------- | ------- | - | ------------ | - | ------- | -
|                                         |  | September 30, |         |   | December 31, |  
|                                         |  | 2005          |         |   | 2004         |  
|                                         |  |               |         |   |              |  
|Client premiums receivable               |  | $             | 111,979 |   |              | $ | 128,345 |  
|Commissions receivable                   |  |               | 45,758  |   |              |   | 31,565  |  
|Less: Allowance for doubtful accounts    |  |               | (1,740  | ) |              |   | (1,436  | )
|Less: Allowance for policy cancellations |  |               | (2,081  | ) |              |   | (1,876  | )
|                                         |  |               |         |   |              |  
|                                         |  |               | 153,916 |   |              |   | 156,598 |  
|Other receivables                        |  |               | 4,390   |   |              |   | 6,243   |  
|                                         |  |               |         |   |              |  
|                                         |  | $             | 158,306 |   |              | $ | 162,841 |  
|                                         |  |               |         |   |              |  





|                                    |                            
|----------------------------------- | ---------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 9



---



##### Table of Contents



7.  Intangible Assets




|                                   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |   |        |        |  |   |        |        | 
|---------------------------------- | ------------------------- | ------------------------ | ------- | ------- | ----------------------- | - | ------ | ------ |  | -------- | ------ | ------ | ----------- | ------------ | ------- | ------ | ----- | - | ------ | ------ |  | - | ------ | ------ | 
|                                   |                           | As of September 30, 2005 |         |         | As of December 31, 2004 |  
|                                   |                           |                          |         |         |                         |  
|                                   |                           | Gross                    |         |         |                         |   | Gross  |        |  |         
|                                   |                           | Carrying                 |         |         | Accumulated             |   |        |        |  | Carrying |        |        | Accumulated |              |         |       
|                                   |                           | Amount                   |         |         | Amortization            |   |        | Total  |  |          | Amount |        |             | Amortization |         |        | Total |  
|                                   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |  
|Definite life intangible assets:   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |   |        |        |  |   |        |       
|                                   | Customer relationships    |                          | $       | 101,163 |                         |   | $      | 16,442 |  |          | $      | 84,721 |             |              | $       | 95,982 |       |   | $      | 10,802 |  |   | $      | 85,180 | 
|                                   | Non-competition covenants |                          |         | 841     |                         |   |        | 603    |  |          |        | 238    |             |              |         | 791    |       |   |        | 448    |  |   |        | 343    | 
|                                   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |  
|                                   |                           |                          | 102,004 |         |                         |   | 17,045 |        |  |          | 84,959 |        |             |              | 96,773  |        |       |   | 11,250 |        |  |   | 85,523 |       
|Indefinite life intangible assets: |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |   |        |        |  |   |        |       
|                                   | Non-competition covenants |                          |         | 3,428   |                         |   |        |       |  |          |        | 3,428  |             |              |         | 3,319  |       |   |        |       |  |   |        | 3,319  | 
|                                   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |  
|Total                              |                           | $                        | 105,432 |         |                         | $ | 17,045 |        |  | $        | 88,387 |        |             | $            | 100,092 |        |       | $ | 11,250 |        |  | $ | 88,842 |       
|                                   |                           |                          |         |         |                         |   |        |        |  |          |        |        |             |              |         |        |       |  





|                                   |                           |      |       |       |      |   |        |        | 
|---------------------------------- | ------------------------- | ---- | ----- | ----- | ---- | - | ------ | ------ | 
|                                   |                           | 2005 |       |       | 2004 |  
|                                   |                           |      |       |       |      |  
|Definite life intangible assets:   |                           |      |       |       |      |   |        |       
|                                   | Customer relationships    |      | $     | 5,174 |      |   | $      | 52,537 | 
|Indefinite life intangible assets: |                           |      |       |       |      |   |        |       
|                                   | Non-competition covenants |      |       | 150   |      |   |        | 1,451  | 
|                                   |                           |      |       |       |      |  
|Total                              |                           | $    | 5,324 |       |      | $ | 53,988 |       
|                                   |                           |      |       |       |      |  



|                                  |  |            |        |   |            |   |         |       |  |   |         |  
|--------------------------------- |  | ---------- | ------ | - | ---------- | - | ------- | ----- |  | - | ------- | -
|                                  |  | Operations |        |   | Operations |   |         |      
|                                  |  | in Canada  |        |   | in U.S.    |   |         | Total | 
|                                  |  |            |        |   |            |   |         |       | 
|Balance as of December 31, 2003   |  | $          | 92,079 |   |            | $ | 213,783 |       |  | $ | 305,862 |  
|Goodwill acquired during 2004     |  |            | 1,005  |   |            |   | 68,298  |       |  |   | 69,303  |  
|Goodwill disposed during 2004     |  |            | (4,604 | ) |            |   | (727    | )     |  |   | (5,331  | )
|Cumulative translation adjustment |  |            | 6,842  |   |            |   |        |       |  |   | 6,842   |  
|                                  |  |            |        |   |            |   |         |       | 
|Balance as of December 31, 2004   |  |            | 95,322 |   |            |   | 281,354 |       |  |   | 376,676 |  
|Goodwill acquired during 2005     |  |            | 1,121  |   |            |   | 17,365  |       |  |   | 18,486  |  
|Goodwill disposed during 2005     |  |            | (2,051 | ) |            |   | (354    | )     |  |   | (2,405  | )
|Cumulative translation adjustment |  |            | 3,489  |   |            |   |        |       |  |   | 3,489   |  
|                                  |  |            |        |   |            |   |         |       | 
|Balance as of September 30, 2005  |  | $          | 97,881 |   |            | $ | 298,365 |       |  | $ | 396,246 |  
|                                  |  |            |        |   |            |   |         |       | 





|                            |                                    
|--------------------------- | -----------------------------------
|10HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents





|                          |  |               |       |  |               |   |       |      |  |   |       |  |  |   |       | 
|------------------------- |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ----- |  |  | - | ----- | 
|                          |  | For the three |       |  | For the nine  |  
|                          |  | months ended  |       |  | months ended  |  
|                          |  | September 30, |       |  | September 30, |  
|                          |  |               |       |  |               |  
|                          |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004  | 
|                          |  |               |       |  |               |   |       |      |  |   |       | 
|Customer relationships    |  | $             | 1,916 |  |               | $ | 1,843 |      |  | $ | 5,507 |  |  | $ | 3,499 | 
|Non-competition covenants |  |               | 45    |  |               |   | 58    |      |  |   | 150   |  |  |   | 118   | 
|                          |  |               |       |  |               |   |       |      |  |   |       | 
|Total                     |  | $             | 1,961 |  |               | $ | 1,901 |      |  | $ | 5,657 |  |  | $ | 3,617 | 
|                          |  |               |       |  |               |   |       |      |  |   |       | 



|                          |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|------------------------- |  | ---- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  |  | - | ----- | 
|                          |  | 2005 |       |  | 2006 |   |       | 2007 |  |   | 2008  |  |  | 2009 |      
|                          |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      
|Year ended December 31,   |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Customer relationships    |  | $    | 7,699 |  |      | $ | 7,838 |      |  | $ | 7,839 |  |  | $    | 7,839 |  |  |   | 7,839 | 
|Non-competition covenants |  |      | 131   |  |      |   | 109   |      |  |   | 87    |  |  |      | 1     |  |  |   | 1     | 
|                          |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      
|Total                     |  | $    | 7,830 |  |      | $ | 7,947 |      |  | $ | 7,926 |  |  | $    | 7,840 |  |  | $ | 7,840 | 
|                          |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      

8.  Accounts Payable and Accrued Liabilities




|                                               |  |               |         |  |              |   |         | 
|---------------------------------------------- |  | ------------- | ------- |  | ------------ | - | ------- | 
|                                               |  | September 30, |         |  | December 31, |  
|                                               |  | 2005          |         |  | 2004         |  
|                                               |  |               |         |  |              |  
|Insurance premiums payable                     |  | $             | 176,734 |  |              | $ | 198,901 | 
|Other accounts payable and accrued liabilities |  |               | 74,068  |  |              |   | 58,554  | 
|Compensation related to Talbot acquisition     |  |               | 22,517  |  |              |   | 14,388  | 
|                                               |  |               |         |  |              |  
|                                               |  | $             | 273,319 |  |              | $ | 271,843 | 
|                                               |  |               |         |  |              |  

9.  Debt


Long-term debt and capital leases


|                                                       |  |               |         |   |              |   |         |  
|------------------------------------------------------ |  | ------------- | ------- | - | ------------ | - | ------- | -
|                                                       |  | September 30, |         |   | December 31, |  
|                                                       |  | 2005          |         |   | 2004         |  
|                                                       |  |               |         |   |              |  
|Series A Senior Notes, with interest at 5.71% (1)      |  | $             | 10,000  |   |              | $ | 10,000  |  
|Series B Senior Notes, with interest at 6.16% (1)      |  |               | 55,000  |   |              |   | 55,000  |  
|Revolving U.S. Dollar LIBOR Loan (2)                   |  |               | 75,000  |   |              |   | 65,000  |  
|Term loan, interest only at 10%, due February 2007 (3) |  |               |        |   |              |   | 7,500   |  
|Term loan, variable interest, due December 2007        |  |               | 2,600   |   |              |   | 3,500   |  
|Various other unsecured notes payable and debt (4)     |  |               | 7,037   |   |              |   | 10,329  |  
|Capital leases (4)                                     |  |               | 254     |   |              |   | 468     |  
|                                                       |  |               |         |   |              |  
|Long-term debt and capital leases                      |  |               | 149,891 |   |              |   | 151,797 |  
|Less current portion                                   |  |               | (14,779 | ) |              |   | (5,195  | )
|                                                       |  |               |         |   |              |  
|                                                       |  | $             | 135,112 |   |              | $ | 146,602 |  
|                                                       |  |               |         |   |              |  





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 11



---



##### Table of Contents





|                                          |  |   |         | 
|----------------------------------------- |  | - | ------- | 
|For the twelve months ended September 30, |  |   |         | 
|2006                                      |  | $ | 14,779  | 
|2007                                      |  |   | 3,208   | 
|2008                                      |  |   | 4,650   | 
|2009                                      |  |   | 79,921  | 
|2010                                      |  |   | 14,333  | 
|2011 and thereafter                       |  |   | 33,000  | 
|                                          |  |   |        
|                                          |  | $ | 149,891 | 
|                                          |  |   |        








|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Senior Notes  As at September 30, 2005 the
    Company had outstanding $65 million aggregate principal
    amount of unsecured senior notes issued June 10, 2002. The
    senior notes were issued in two series. Series A represents
    $10 million aggregate principal amount of 5.71% senior
    notes with interest due semi-annually, and principal of $3,333
    due annually, June 15, 2008 through June 15, 2010.
    Series B represents $55 million aggregate principal
    amount of 6.16% senior notes with interest due semi-annually,
    and principal of $11,000 due annually, June 15, 2009
    through June 17, 2013. The senior notes were sold on a
    private basis in the United States to institutional accredited
    investors. Net proceeds of the sale of the senior notes were
    used to pay down $50 million of the Companys
    revolving U.S. Dollar LIBOR loan with the balance used for
    general corporate purposes and acquisitions. The Company
    incurred approximately $0.7 million in fees and expenses
    related to the offering of these notes, which were capitalized
    and are being amortized to expense over the term of the notes.
    At September 30, 2005 the Company was in compliance with
    all financial covenants governing the senior notes.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On July 15, 2003, the Company entered into an interest rate
    swap agreement. The effect of the swap is to convert the fixed
    rate interest payments on the 5.71% senior notes and 6.16%
    senior notes in amounts of $10 million and
    $55 million, respectively, to a floating rate, resulting in
    a savings of approximately 0.06% and 2.25% for the three months
    ended September 30, 2005 and 2004, respectively, and 0.76%
    and 3.32% for the nine months ended September 30, 2005 and
    2004, respectively. The Company accounts for the swap
    transaction using the synthetic instruments method under which
    the net interest expense on the swap and associated debt is
    reported in earnings as if it were a single, synthetic,
    financial instrument. As at September 30, 2005, the Company
    estimated the fair value of the swap to be $3.5 million,
    which is not recognized in these financial statements.
    Accordingly, $3.5 million is the estimated amount that the
    Company would need to pay to terminate the swap as of
    September 30, 2005.



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Revolving U.S. dollar LIBOR loan   This
    unsecured facility totals $75 million, bears interest at a
    floating rate of prime plus 1% or 112.5 basis points above
    LIBOR. LIBOR was 3.86% and 2.40% at September 30, 2005 and
    December 31, 2004, respectively. The facility is available
    on a revolving basis for one year. The loan expires on
    April 19, 2006. However, if the revolving period is not
    extended, the Company may convert the outstanding balance under
    the facility to a three year non-revolving term loan repayable
    at the end of three years with an interest rate of 137.5 basis
    points above the Canadian dollar interest swap rate which was
    3.61% at September 30, 2005. An annual commitment fee of 20
    basis points is assessed on the unused balance. On
    September 29, 2005 the Company drew $10 million on
    this facility to temporarily fund an acquisition. This amount
    was repaid subsequent to September 30, 2005. Borrowings
    under this facility totaled $75 million at
    September 30, 2005 and $65 million at
    December 31, 2004. As of September 30, 2005, the
    Company was in compliance with all financial covenants governing
    this facility.
|   
|(3) | During the first quarter 2005, an early payment settlement was
    negotiated in respect of the Companys $7.5 million
    loan from an insurance carrier. The loan agreement provided for
    an incentive agreement whereby a credit could be earned to
    reduce interest payments (based on target premiums placed with
    the carrier) and principal amounts (based on target premiums
    placed with the carrier as well as loss ratios on those
    premiums). The early settlement negotiations resulted in the
    $7.5 million principal amount of the term loan being reduced                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              





|                            |                                    
|--------------------------- | -----------------------------------
|12HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | to $3.0 million and interest
    payments for the first quarter 2005 being reduced to zero. The
    Company paid $3.0 million in March 2005 and recorded a gain
    on forgiveness of debt of $4.5 million for the first
    quarter 2005. Interest expense on this loan totaled
    $0.2 million and $0.6 million for the three months and
    nine months ended September 30, 2004 (which was
    subsequently reduced to zero in the fourth quarter 2004).
|   
|(4) | Certain property and equipment have
    been pledged as collateral in amounts not less than the
    outstanding balance of these loans at September 30, 2005
    and December 31, 2004, respectively.                                                                                                                                                                                                                                                        




Demand U.S. dollar base rate loan




Subordinated convertible debentures




10. Shareholders Equity


Share capital




|                                                          |  |               |        |  |        |   |         | 
|--------------------------------------------------------- |  | ------------- | ------ |  | ------ | - | ------- | 
|                                                          |  | Common shares |       
|                                                          |  | outstanding   |       
|                                                          |  |               |       
|                                                          |  | (000s)       |        |  | Amount |  
|                                                          |  |               |        |  |        |  
|Balance, December 31, 2004                                |  |               | 30,411 |  |        | $ | 259,617 | 
|Shares issued, net of cancellation                        |  |               | 36     |  |        |   | 2,230   | 
|Shares issued for contingent consideration                |  |               | 103    |  |        |   | 1,865   | 
|Stock options exercised                                   |  |               | 171    |  |        |   | 2,569   | 
|Restricted share units released                           |  |               | 36     |  |        |   | 667     | 
|Executive share purchase plan shares, net of cancellation |  |               | 14     |  |        |   | 202     | 
|                                                          |  |               |        |  |        |  
|Balance, September 30, 2005                               |  |               | 30,771 |  |        | $ | 267,150 | 
|                                                          |  |               |        |  |        |  





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 13



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##### Table of Contents



Contributed surplus


|                                  |  |        |        |  
|--------------------------------- |  | ------ | ------ | -
|                                  |  | Amount |       
|                                  |  |        |       
|Balance, December 31, 2004        |  | $      | 12,681 |  
|Non-cash stock based compensation |  |        | 5,207  |  
|Shares cancelled                  |  |        | (1,523 | )
|Other                             |  |        | (535   | )
|                                  |  |        |       
|Balance, September 30, 2005       |  | $      | 15,830 |  
|                                  |  |        |       

Cumulative translation account


|                                                                        |  |        |        |  
|----------------------------------------------------------------------- |  | ------ | ------ | -
|                                                                        |  | Amount |       
|                                                                        |  |        |       
|Balance, December 31, 2004                                              |  | $      | 26,983 |  
|Translation of self-sustaining foreign operations                       |  |        | 4,417  |  
|Translation of debt financing of self-sustaining foreign
    operations |  |        | (14    | )
|                                                                        |  |        |       
|Balance, September 30, 2005                                             |  | $      | 31,386 |  
|                                                                        |  |        |       

11.  Equity Incentive Plan






|                            |  |         |       |   |                  |   |       | 
|--------------------------- |  | ------- | ----- | - | ---------------- | - | ----- | 
|                            |  | Number  |       |   | Weighted-Average |  
|                            |  | (000s) |       |   | Exercise Price   |  
|                            |  |         |       |   |                  |  
|Balance, December 31, 2004  |  |         | 1,456 |   |                  | $ | 15.34 | 
|Exercised                   |  |         | (171  | ) |                  | $ | 15.03 | 
|Forfeited                   |  |         | (2    | ) |                  | $ | 15.67 | 
|Expired                     |  |         | (1    | ) |                  | $ | 15.67 | 
|                            |  |         |       |   |                  |  
|Balance, September 30, 2005 |  |         | 1,282 |   |                  | $ | 15.38 | 
|                            |  |         |       |   |                  |  



|               |  |                    |       |  |                   |  |            |             |  |  |             |  |  |                  |       |  |             |  |            |  |  |  |     | 
|-------------- |  | ------------------ | ----- |  | ----------------- |  | ---------- | ----------- |  |  | ----------- |  |  | ---------------- | ----- |  | ----------- |  | ---------- |  |  |  | --- | 
|               |  | September 30, 2005 |       |  | December 31, 2004 | 
|               |  |                    |       |  |                   | 
|               |  | Number             |       |  | Weighted-Average  |  |            | Number      |  |  | Number      |  |  | Weighted-Average |       |  | Number      | 
|               |  | Outstanding        |       |  | Remaining         |  |            | Exercisable |  |  | Outstanding |  |  | Remaining        |       |  | Exercisable | 
|               |  | (000s)            |       |  | Contractual Life  |  |            | (000s)     |  |  | (000s)     |  |  | Contractual Life |       |  | (000s)     | 
|Exercise price |  |                    |       |  |                   |  |            |             |  |  |             |  |  |                  |       |  |             | 
|$15.67         |  |                    | 1,086 |  |                   |  | 3.70 years |             |  |  | 1,086       |  |  |                  | 1,201 |  |             |  | 4.42 years |  |  |  | 812 | 
|$13.79         |  |                    | 196   |  |                   |  | 4.29 years |             |  |  | 128         |  |  |                  | 255   |  |             |  | 5.16 years |  |  |  | 96  | 
|               |  |                    |       |  |                   |  |            |             |  |  |             |  |  |                  |       |  |             | 
|               |  |                    | 1,282 |  |                   |  | 3.79 years |             |  |  | 1,214       |  |  |                  | 1,456 |  |             |  | 4.55 years |  |  |  | 908 | 
|               |  |                    |       |  |                   |  |            |             |  |  |             |  |  |                  |       |  |             | 









|                            |                                    
|--------------------------- | -----------------------------------
|14HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents











|                                                  |  |               |       |   |               |   |       |      |  |   |       |  |  |   |       | 
|------------------------------------------------- |  | ------------- | ----- | - | ------------- | - | ----- | ---- |  | - | ----- |  |  | - | ----- | 
|                                                  |  | For the       |       |   | For the       |  
|                                                  |  | three months  |       |   | nine months   |  
|                                                  |  | ended         |       |   | ended         |  
|                                                  |  | September 30, |       |   | September 30, |  
|                                                  |  |               |       |   |               |  
|                                                  |  | 2005          |       |   | 2004          |   |       | 2005 |  |   | 2004  | 
|                                                  |  |               |       |   |               |   |       |      |  |   |       | 
|Stock options granted June 2002                   |  | $             | (8    | ) |               | $ | 470   |      |  | $ | 843   |  |  | $ | 1,471 | 
|Stock options granted February 2003               |  |               | 91    |   |               |   | 99    |      |  |   | 281   |  |  |   | 329   | 
|Stock based compensation granted for 2003 bonuses |  |               | 758   |   |               |   | 529   |      |  |   | 2,272 |  |  |   | 1,796 | 
|Restricted share units                            |  |               | 722   |   |               |   | 359   |      |  |   | 1,885 |  |  |   | 1,176 | 
|Common shares for acquisitions                    |  |               | 2     |   |               |   |      |      |  |   | 19    |  |  |   |      | 
|                                                  |  |               |       |   |               |   |       |      |  |   |       | 
|Total other non-cash stock based compensation     |  | $             | 1,565 |   |               | $ | 1,457 |      |  | $ | 5,300 |  |  | $ | 4,772 | 
|                                                  |  |               |       |   |               |   |       |      |  |   |       | 



|                                          |  |               |       |  |               |   |       |      |  |   |        |  |  |   |       | 
|----------------------------------------- |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ------ |  |  | - | ----- | 
|                                          |  | For the       |       |  | For the       |  
|                                          |  | three months  |       |  | nine months   |  
|                                          |  | ended         |       |  | ended         |  
|                                          |  | September 30, |       |  | September 30, |  
|                                          |  |               |       |  |               |  
|                                          |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004   | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|Cash compensation                         |  | $             | 3,287 |  |               | $ | 3,178 |      |  | $ | 9,800  |  |  | $ | 3,178 | 
|Non-cash stock based compensation         |  |               | 4,289 |  |               |   | 3,711 |      |  |   | 13,691 |  |  |   | 3,711 | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|Total compensation for the Talbot earnout |  | $             | 7,576 |  |               | $ | 6,889 |      |  | $ | 23,491 |  |  | $ | 6,889 | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 



|                                                  |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |      |   |       |  |  |   |       | 
|------------------------------------------------- |  | ---- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  | ---- | - | ----- |  |  | - | ----- | 
|Year ended December 31,                           |  | 2005 |       |  | 2006 |   |       | 2007 |  |   | 2008  |  |  | 2009 |       |  | 2010 |  
|                                                  |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |      |  
|Stock options granted June 2002                   |  | $    | 843   |  |      | $ |      |      |  | $ |      |  |  | $    |      |  |      | $ |      |  |  | $ |      | 
|Stock options granted February 2003               |  |      | 366   |  |      |   |      |      |  |   |      |  |  |      |      |  |      |   |      |  |  |   |      | 
|Stock based compensation granted for 2003 bonuses |  |      | 2,842 |  |      |   | 2,195 |      |  |   | 2,105 |  |  |      | 2,104 |  |      |   | 2,105 |  |  |   | 2,047 | 
|Restricted share units                            |  |      | 2,567 |  |      |   | 2,699 |      |  |   | 2,663 |  |  |      | 2,663 |  |      |   | 766   |  |  |   | 144   | 
|Common shares for acquisitions                    |  |      | 138   |  |      |   | 19    |      |  |   | 5     |  |  |      |      |  |      |   |      |  |  |   |      | 
|                                                  |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |      |  
|                                                  |  | $    | 6,756 |  |      | $ | 4,913 |      |  | $ | 4,773 |  |  | $    | 4,767 |  |      | $ | 2,871 |  |  | $ | 2,191 | 
|                                                  |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |      |  





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 15



---



##### Table of Contents





|                                          |  |      |        |  |      |   |       |      |  |   |       |  |  |      |   |  |      |   |   |  |  |   |   | 
|----------------------------------------- |  | ---- | ------ |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | - |  | ---- | - | - |  |  | - | - | 
|Year ended December 31,                   |  | 2005 |        |  | 2006 |   |       | 2007 |  |   | 2008  |  |  | 2009 |   |  | 2010 |  
|                                          |  |      |        |  |      |   |       |      |  |   |       |  |  |      |  
|Cash compensation                         |  | $    | 9,800  |  |      | $ |      |      |  | $ |      |  |  | $    |  |  |      | $ |  |  |  | $ |  | 
|Non-cash stock based                      |  |      | 18,103 |  |      |   | 9,337 |      |  |   | 1,676 |  |  |      |  |  |      |   |  |  |  |   |  | 
|                                          |  |      |        |  |      |   |       |      |  |   |       |  |  |      |   |  |      |  
|Total compensation for the Talbot earnout |  | $    | 27,903 |  |      | $ | 9,337 |      |  | $ | 1,676 |  |  | $    |  |  |      | $ |  |  |  | $ |  | 
|                                          |  |      |        |  |      |   |       |      |  |   |       |  |  |      |   |  |      |  

12. Earnings Per Share




|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |       |  |   |        |       | 
|------------------------------------------------------------------------------ | ---------------------------------------------------------------------------- | ------------- | ------ | ----- | ------------- | - | ------ | ----- |  | - | ------ | ----- |  | - | ------ | ----- | 
|                                                                               |                                                                              | For the       |        |       | For the       |  
|                                                                               |                                                                              | three months  |        |       | nine months   |  
|                                                                               |                                                                              | ended         |        |       | ended         |  
|                                                                               |                                                                              | September 30, |        |       | September 30, |  
|                                                                               |                                                                              |               |        |       |               |  
|                                                                               |                                                                              | 2005          |        |       | 2004          |   |        | 2005  |  |   | 2004   |      
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Net earnings from continuing operations                                        |                                                                              | $             | (320   | )     |               | $ | 1,212  |       |  | $ | 20,143 |       |  | $ | 22,426 |      
|Net loss from discontinued operations                                          |                                                                              |               | (421   | )     |               |   | (66    | )     |  |   | (136   | )     |  |   | (66    | )    
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Net earnings (loss) (numerator)                                                |                                                                              |               | (741   | )     |               |   | 1,146  |       |  |   | 20,007 |       |  |   | 22,360 |      
|Effect of dilutive securities:                                                 |                                                                              |               |        |       |               |   |        |       |  |   |        |       |  |   |        |      
|                                                                               | Interest on 8.5% subordinated convertible debentures (net of
    income tax) |               |        |      |               |   |        |      |  |   |        | 1,425 |  |   |        | 1,425 | 
|Payment in lieu of dividends on restricted share units (net of
    income tax) |                                                                              |               |       |       |               |   | 23     |       |  |   | 83     |       |  |   | 88     |      
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Net earnings (loss) plus assumed conversions (numerator)                       |                                                                              | $             | (741   | )     |               | $ | 1,169  |       |  | $ | 21,515 |       |  | $ | 23,873 |      
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Weighted average shares outstanding  Basic
    (denominator)                  |                                                                              |               | 30,600 |       |               |   | 30,292 |       |  |   | 30,471 |       |  |   | 30,192 |      
|Effect of dilutive securities:                                                 |                                                                              |               |        |       |               |   |        |       |  |   |        |       |  |   |        |      
|                                                                               | 8.5% subordinated convertible debentures                                     |               |        |      |               |   |        |      |  |   |        | 2,518 |  |   |        | 2,705 | 
|                                                                               | Stock options                                                                |               |        |      |               |   |        | 1,221 |  |   |        | 1,275 |  |   |        | 1,219 | 
|                                                                               | Restricted share units                                                       |               |        |      |               |   |        | 625   |  |   |        | 995   |  |   |        | 616   | 
|                                                                               | Talbot earnout shares                                                        |               |        |      |               |   |        | 378   |  |   |        | 1,329 |  |   |        | 126   | 
|                                                                               | Retractable shares                                                           |               |        |      |               |   |        | 93    |  |   |        | 69    |  |   |        | 93    | 
|                                                                               | Issuable shares                                                              |               |        |      |               |   |        | 3     |  |   |        |      |  |   |        | 1     | 
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Weighted average shares outstanding  Diluted
    (denominator)                |                                                                              |               | 30,600 |       |               |   | 32,612 |       |  |   | 36,657 |       |  |   | 34,952 |      
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Basic earnings (loss) per share                                                |                                                                              |               |        |       |               |   |        |       |  |   |        |       |  |   |        |      
|                                                                               | Continuing operations                                                        |               | $      | (0.01 | )             |   | $      | 0.04  |  |   | $      | 0.66  |  |   | $      | 0.74  | 
|                                                                               | Discontinued operations                                                      |               |        | (0.01 | )             |   |        | 0.00  |  |   |        | 0.00  |  |   |        | 0.00  | 
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|                                                                               | Total operations                                                             |               | $      | (0.02 | )             |   | $      | 0.04  |  |   | $      | 0.66  |  |   | $      | 0.74  | 
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|Diluted earnings (loss) per share                                              |                                                                              |               |        |       |               |   |        |       |  |   |        |       |  |   |        |      
|                                                                               | Continuing operations                                                        |               | $      | (0.01 | )             |   | $      | 0.04  |  |   | $      | 0.59  |  |   | $      | 0.68  | 
|                                                                               | Discontinued operations                                                      |               |        | (0.01 | )             |   |        | 0.00  |  |   |        | 0.00  |  |   |        | 0.00  | 
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      
|                                                                               | Total operations                                                             |               | $      | (0.02 | )             |   | $      | 0.04  |  |   | $      | 0.59  |  |   | $      | 0.68  | 
|                                                                               |                                                                              |               |        |       |               |   |        |       |  |   |        |      





|                            |                                    
|--------------------------- | -----------------------------------
|16HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



13. Income Taxes




14. Interest and Income Taxes Paid




|                  |  |               |       |  |               |   |       |      |  |   |        |  |  |   |        | 
|----------------- |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ------ |  |  | - | ------ | 
|                  |  | For the three |       |  | For the nine  |  
|                  |  | months        |       |  | months        |  
|                  |  | ended         |       |  | ended         |  
|                  |  | September 30, |       |  | September 30, |  
|                  |  |               |       |  |               |  
|                  |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004   | 
|                  |  |               |       |  |               |   |       |      |  |   |        | 
|Interest paid     |  | $             | 1,104 |  |               | $ | 894   |      |  | $ | 5,489  |  |  | $ | 3,899  | 
|Income taxes paid |  | $             | 7,544 |  |               | $ | 6,572 |      |  | $ | 25,979 |  |  | $ | 18,417 | 

15. Segmented Information






|                                     |  |                                          |        |   |      |   |        |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|------------------------------------ |  | ---------------------------------------- | ------ | - | ---- | - | ------ | ------------ |  | - | ------ | - |  | ---- | ------ | - | ------------ | - | ------ | - |  | - | ------ | -
|                                     |  | For the three months ended September 30, |       
|                                     |  |                                          |       
|                                     |  | 2005                                     |        |   | 2004 |  
|                                     |  |                                          |        |   |      |  
|                                     |  | Canada                                   |        |   | U.S. |   |        | Consolidated |  |   | Canada |   |  | U.S. |        |   | Consolidated |  
|                                     |  |                                          |        |   |      |   |        |              |  |   |        |   |  |      |        |   |              |  
|Revenue                              |  |                                          |        |   |      |   |        |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                            |  | $                                        | 31,014 |   |      | $ | 67,415 |              |  | $ | 98,429 |   |  | $    | 28,441 |   |              | $ | 63,696 |   |  | $ | 92,137 |  
|Corporate                            |  |                                          | 4,826  |   |      |   | 3,564  |              |  |   | 8,390  |   |  |      | 3,668  |   |              |   | 1,067  |   |  |   | 4,735  |  
|Elimination of intra-segment revenue |  |                                          | (4,804 | ) |      |   | (3,732 | )            |  |   | (8,536 | ) |  |      | (3,702 | ) |              |   | (1,144 | ) |  |   | (4,846 | )
|                                     |  |                                          |        |   |      |   |        |              |  |   |        |   |  |      |        |   |              |  
|                                     |  | $                                        | 31,036 |   |      | $ | 67,247 |              |  | $ | 98,283 |   |  | $    | 28,407 |   |              | $ | 63,619 |   |  | $ | 92,026 |  
|                                     |  |                                          |        |   |      |   |        |              |  |   |        |   |  |      |        |   |              |  





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 17



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##### Table of Contents



|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|---------------------------------------------- |  | ---------------------------------------- | ------ | - | ---- | - | ------- | ------------ |  | - | ------ | - |  | ---- | ------ | - | ------------ | - | ------ | - |  | - | ------ | -
|                                               |  | For the three months ended September 30, |       
|                                               |  |                                          |       
|                                               |  | 2005                                     |        |   | 2004 |  
|                                               |  |                                          |        |   |      |  
|                                               |  | Canada                                   |        |   | U.S. |   |         | Consolidated |  |   | Canada |   |  | U.S. |        |   | Consolidated |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Net earnings (loss) before income taxes        |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        | 4,379  |   |      | $ | 8,179   |              |  | $ | 12,558 |   |  | $    | 4,721  |   |              | $ | 9,284  |   |  | $ | 14,005 |  
|Corporate                                      |  |                                          | 8,067  |   |      |   | (17,561 | )            |  |   | (9,494 | ) |  |      | (6,920 | ) |              |   | (2,895 | ) |  |   | (9,815 | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        | 12,446 |   |      | $ | (9,382  | )            |  | $ | 3,064  |   |  | $    | (2,199 | ) |              | $ | 6,389  |   |  | $ | 4,190  |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Income tax expense (benefit)  current         |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        | 1,604  |   |      | $ | 1,482   |              |  | $ | 3,086  |   |  | $    | 1,805  |   |              | $ | 5,666  |   |  | $ | 7,471  |  
|Corporate                                      |  |                                          | (61    | ) |      |   | (1,416  | )            |  |   | (1,477 | ) |  |      | (211   | ) |              |   | (2,205 | ) |  |   | (2,416 | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        | 1,543  |   |      | $ | 66      |              |  | $ | 1,609  |   |  | $    | 1,594  |   |              | $ | 3,461  |   |  | $ | 5,055  |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Income tax expense (benefit)  future          |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        | (94    | ) |      | $ | 1,664   |              |  | $ | 1,570  |   |  | $    | (75    | ) |              | $ | (1,876 | ) |  | $ | (1,951 | )
|Corporate                                      |  |                                          | 81     |   |      |   | 124     |              |  |   | 205    |   |  |      | 96     |   |              |   | (222   | ) |  |   | (126   | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        | (13    | ) |      | $ | 1,788   |              |  | $ | 1,775  |   |  | $    | 21     |   |              | $ | (2,098 | ) |  | $ | (2,077 | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Net earnings (loss) from continuing operations |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        | 2,869  |   |      | $ | 5,033   |              |  | $ | 7,902  |   |  | $    | 2,991  |   |              | $ | 5,494  |   |  | $ | 8,485  |  
|Corporate                                      |  |                                          | 8,047  |   |      |   | (16,269 | )            |  |   | (8,222 | ) |  |      | (6,805 | ) |              |   | (468   | ) |  |   | (7,273 | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        | 10,916 |   |      | $ | (11,236 | )            |  | $ | (320   | ) |  | $    | (3,814 | ) |              | $ | 5,026  |   |  | $ | 1,212  |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Net loss from discontinued operations          |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        |       |   |      | $ | (421    | )            |  | $ | (421   | ) |  | $    |       |   |              | $ | (66    | ) |  | $ | (66    | )
|Corporate                                      |  |                                          |       |   |      |   |        |              |  |   |       |   |  |      |       |   |              |   |       |   |  |   |       |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        |       |   |      | $ | (421    | )            |  | $ | (421   | ) |  | $    |       |   |              | $ | (66    | ) |  | $ | (66    | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Net earnings (loss)                            |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |   |        |   |  |   |        |  
|Brokerage                                      |  | $                                        | 2,869  |   |      | $ | 4,612   |              |  | $ | 7,481  |   |  | $    | 2,991  |   |              | $ | 5,428  |   |  | $ | 8,419  |  
|Corporate                                      |  |                                          | 8,047  |   |      |   | (16,269 | )            |  |   | (8,222 | ) |  |      | (6,805 | ) |              |   | (468   | ) |  |   | (7,273 | )
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|                                               |  | $                                        | 10,916 |   |      | $ | (11,657 | )            |  | $ | (741   | ) |  | $    | (3,814 | ) |              | $ | 4,960  |   |  | $ | 1,146  |  
|                                               |  |                                          |        |   |      |   |         |              |  |   |        |   |  |      |        |   |              |  
|Amortization of intangible assets              |  | $                                        | 42     |   |      | $ | 1,919   |              |  | $ | 1,961  |   |  | $    | 26     |   |              | $ | 1,875  |   |  | $ | 1,901  |  
|Additions to property and equipment            |  | $                                        | 713    |   |      | $ | 1,660   |              |  | $ | 2,373  |   |  | $    | 1,127  |   |              | $ | 4,778  |   |  | $ | 5,905  |  
|Depreciation                                   |  | $                                        | 749    |   |      | $ | 1,451   |              |  | $ | 2,200  |   |  | $    | 685    |   |              | $ | 1,265  |   |  | $ | 1,950  |  
|Interest income                                |  | $                                        | 372    |   |      | $ | 662     |              |  | $ | 1,034  |   |  | $    | 2,121  |   |              | $ | 213    |   |  | $ | 2,334  |  
|Interest expense                               |  | $                                        | 2,482  |   |      | $ | 228     |              |  | $ | 2,710  |   |  | $    | 1,793  |   |              | $ | 482    |   |  | $ | 2,275  |  





|                            |                                    
|--------------------------- | -----------------------------------
|18HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|---------------------------------------------- |  | --------------------------------------- | ------- | - | ---- | - | ------- | ------------ |  | - | ------- | - |  | ---- | ------ | - | ------------ | - | ------- | - |  | - | ------- | -
|                                               |  | For the nine months ended September 30, |        
|                                               |  |                                         |        
|                                               |  | 2005                                    |         |   | 2004 |  
|                                               |  |                                         |         |   |      |  
|                                               |  | Canada                                  |         |   | U.S. |   |         | Consolidated |  |   | Canada  |   |  | U.S. |        |   | Consolidated |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Revenue                                        |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | 99,559  |   |      | $ | 228,945 |              |  | $ | 328,504 |   |  | $    | 90,365 |   |              | $ | 163,206 |   |  | $ | 253,571 |  
|Corporate                                      |  |                                         | 16,117  |   |      |   | 11,268  |              |  |   | 27,385  |   |  |      | 10,088 |   |              |   | 2,437   |   |  |   | 12,525  |  
|Elimination of intra-segment revenue           |  |                                         | (15,977 | ) |      |   | (11,434 | )            |  |   | (27,411 | ) |  |      | (9,991 | ) |              |   | (2,499  | ) |  |   | (12,490 | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | 99,699  |   |      | $ | 228,779 |              |  | $ | 328,478 |   |  | $    | 90,462 |   |              | $ | 163,144 |   |  | $ | 253,606 |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Net earnings (loss) before income taxes        |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | 19,843  |   |      | $ | 47,376  |              |  | $ | 67,219  |   |  | $    | 19,102 |   |              | $ | 32,812  |   |  | $ | 51,914  |  
|Corporate                                      |  |                                         | (7,282  | ) |      |   | (14,825 | )            |  |   | (22,107 | ) |  |      | (9,145 | ) |              |   | (5,128  | ) |  |   | (14,273 | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | 12,561  |   |      | $ | 32,551  |              |  | $ | 45,112  |   |  | $    | 9,957  |   |              | $ | 27,684  |   |  | $ | 37,641  |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Income tax expense (benefit)  current         |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | 7,387   |   |      | $ | 18,001  |              |  | $ | 25,388  |   |  | $    | 6,930  |   |              | $ | 14,789  |   |  | $ | 21,719  |  
|Corporate                                      |  |                                         | 1,271   |   |      |   | (2,557  | )            |  |   | (1,286  | ) |  |      | (324   | ) |              |   | (4,610  | ) |  |   | (4,934  | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | 8,658   |   |      | $ | 15,444  |              |  | $ | 24,102  |   |  | $    | 6,606  |   |              | $ | 10,179  |   |  | $ | 16,785  |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Income tax expense (benefit)  future          |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | (184    | ) |      | $ | 925     |              |  | $ | 741     |   |  | $    | (480   | ) |              | $ | (1,064  | ) |  | $ | (1,544  | )
|Corporate                                      |  |                                         | (399    | ) |      |   | 525     |              |  |   | 126     |   |  |      | (95    | ) |              |   | 69      |   |  |   | (26     | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | (583    | ) |      | $ | 1,450   |              |  | $ | 867     |   |  | $    | (575   | ) |              | $ | (995    | ) |  | $ | (1,570  | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Net earnings (loss) from continuing operations |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | 12,640  |   |      | $ | 28,450  |              |  | $ | 41,090  |   |  | $    | 12,652 |   |              | $ | 19,087  |   |  | $ | 31,739  |  
|Corporate                                      |  |                                         | (8,154  | ) |      |   | (12,793 | )            |  |   | (20,947 | ) |  |      | (8,726 | ) |              |   | (587    | ) |  |   | (9,313  | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | 4,486   |   |      | $ | 15,657  |              |  | $ | 20,143  |   |  | $    | 3,926  |   |              | $ | 18,500  |   |  | $ | 22,426  |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Net loss from discontinued operations          |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       |        |   |      | $ | (136    | )            |  | $ | (136    | ) |  | $    |       |   |              | $ | (66     | ) |  | $ | (66     | )
|Corporate                                      |  |                                         |        |   |      |   |        |              |  |   |        |   |  |      |       |   |              |   |        |   |  |   |        |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       |        |   |      | $ | (136    | )            |  | $ | (136    | ) |  | $    |       |   |              | $ | (66     | ) |  | $ | (66     | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Net earnings (loss)                            |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |   |         |   |  |   |         |  
|Brokerage                                      |  | $                                       | 12,640  |   |      | $ | 28,314  |              |  | $ | 40,954  |   |  | $    | 12,652 |   |              | $ | 19,021  |   |  | $ | 31,673  |  
|Corporate                                      |  |                                         | (8,154  | ) |      |   | (12,793 | )            |  |   | (20,947 | ) |  |      | (8,726 | ) |              |   | (587    | ) |  |   | (9,313  | )
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|                                               |  | $                                       | 4,486   |   |      | $ | 15,521  |              |  | $ | 20,007  |   |  | $    | 3,926  |   |              | $ | 18,434  |   |  | $ | 22,360  |  
|                                               |  |                                         |         |   |      |   |         |              |  |   |         |   |  |      |        |   |              |  
|Amortization of intangible assets              |  | $                                       | 106     |   |      | $ | 5,551   |              |  | $ | 5,657   |   |  | $    | 80     |   |              | $ | 3,537   |   |  | $ | 3,617   |  
|Additions to property and equipment            |  | $                                       | 1,815   |   |      | $ | 3,827   |              |  | $ | 5,642   |   |  | $    | 2,074  |   |              | $ | 6,784   |   |  | $ | 8,858   |  
|Depreciation                                   |  | $                                       | 2,140   |   |      | $ | 4,238   |              |  | $ | 6,378   |   |  | $    | 1,955  |   |              | $ | 3,312   |   |  | $ | 5,267   |  
|Interest income                                |  | $                                       | 983     |   |      | $ | 1,164   |              |  | $ | 2,147   |   |  | $    | 675    |   |              | $ | 608     |   |  | $ | 1,283   |  
|Interest expense                               |  | $                                       | 6,979   |   |      | $ | 647     |              |  | $ | 7,626   |   |  | $    | 4,627  |   |              | $ | 1,011   |   |  | $ | 5,638   |  





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 19



---



##### Table of Contents



|                    |  |                                                |         |  |      |   |         |              |  |   |         |  |  |      |         |  |              |   |         |  |  |   |         | 
|------------------- |  | ---------------------------------------------- | ------- |  | ---- | - | ------- | ------------ |  | - | ------- |  |  | ---- | ------- |  | ------------ | - | ------- |  |  | - | ------- | 
|                    |  | As of September 30, 2005 and December 31, 2004 |        
|                    |  |                                                |        
|                    |  | 2005                                           |         |  | 2004 |  
|                    |  |                                                |         |  |      |  
|                    |  | Canada                                         |         |  | U.S. |   |         | Consolidated |  |   | Canada  |  |  | U.S. |         |  | Consolidated |  
|                    |  |                                                |         |  |      |   |         |              |  |   |         |  |  |      |         |  |              |  
|Identifiable assets |  |                                                |         |  |      |   |         |              |  |   |         |  |  |      |         |  |              |   |         |  |  |   |         | 
|Brokerage           |  | $                                              | 163,393 |  |      | $ | 641,232 |              |  | $ | 804,625 |  |  | $    | 172,445 |  |              | $ | 624,171 |  |  | $ | 796,616 | 
|Corporate           |  |                                                | 50,099  |  |      |   | 42,230  |              |  |   | 92,329  |  |  |      | 43,769  |  |              |   | 17,150  |  |  |   | 60,919  | 
|                    |  |                                                |         |  |      |   |         |              |  |   |         |  |  |      |         |  |              |  
|                    |  | $                                              | 213,492 |  |      | $ | 683,462 |              |  | $ | 896,954 |  |  | $    | 216,214 |  |              | $ | 641,321 |  |  | $ | 857,535 | 
|                    |  |                                                |         |  |      |   |         |              |  |   |         |  |  |      |         |  |              |  

16. Related Party Transactions




|                                          |  |               |       |  |               |   |       |      |  |   |        |  |  |   |        | 
|----------------------------------------- |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ------ |  |  | - | ------ | 
|                                          |  | For the three |       |  | For the nine  |  
|                                          |  | months ended  |       |  | months ended  |  
|                                          |  | September 30, |       |  | September 30, |  
|                                          |  |               |       |  |               |  
|                                          |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004   | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|Northbridge Financial Corporation         |  | $             | 4,640 |  |               | $ | 4,953 |      |  | $ | 16,579 |  |  | $ | 15,904 | 
|Crum & Forster Holdings, Inc.             |  |               | 159   |  |               |   | 84    |      |  |   | 624    |  |  |   | 443    | 
|Fairfax Inc.                              |  |               | 213   |  |               |   | 463   |      |  |   | 2      |  |  |   | 3,053  | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|                                          |  |               | 5,012 |  |               |   | 5,500 |      |  |   | 17,205 |  |  |   | 19,400 | 
|Old Lyme Insurance Company, Ltd. (OLIC) |  |               | 1,455 |  |               |   | 1,066 |      |  |   | 4,362  |  |  |   | 1,297  | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|                                          |  | $             | 6,467 |  |               | $ | 6,566 |      |  | $ | 21,567 |  |  | $ | 20,697 | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 











|                            |                                    
|--------------------------- | -----------------------------------
|20HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



17. Reconciliation to U.S. GAAP




Net earnings and comprehensive income




|                                                                                                |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |       |   |   |        |       | 
|----------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ------------- | ----- | ----- | ------------- | - | ----- | ----- | - | - | ------ | ----- | - | - | ------ | ----- | 
|                                                                                                |                                                                                                                  | For the       |       |       | For the       |  
|                                                                                                |                                                                                                                  | three months  |       |       | nine months   |  
|                                                                                                |                                                                                                                  | ended         |       |       | ended         |  
|                                                                                                |                                                                                                                  | September 30, |       |       | September 30, |  
|                                                                                                |                                                                                                                  |               |       |       |               |  
|                                                                                                |                                                                                                                  | 2005          |       |       | 2004          |   |       | 2005  |   |   | 2004   |      
|                                                                                                |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |      
|Net earnings from continuing operations for the period on
    Canadian GAAP and U.S. GAAP (1)   |                                                                                                                  | $             | (320  | )     |               | $ | 1,212 |       |   | $ | 20,143 |       |   | $ | 22,426 |      
|Net earnings from discontinued operations for the period on
    Canadian GAAP and U.S. GAAP (1) |                                                                                                                  |               | (421  | )     |               |   | (66   | )     |   |   | (136   | )     |   |   | (66    | )    
|                                                                                                |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |      
|Net earnings for the period based on Canadian GAAP and
    U.S. GAAP (1)                        |                                                                                                                  |               | (741  | )     |               |   | 1,146 |       |   |   | 20,007 |       |   |   | 22,360 |      
|Other comprehensive income: (2)                                                                 |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |       |   |   |        |      
|                                                                                                | Unrealized gain/(loss) net of tax of $57  Q3/05,
    $20  Q3/04, $75  Q3/05 YTD,
    $(19)  Q3/04 YTD        |               |       | (89   | )             |   |       | (32   | ) |   |        | (117  | ) |   |        | 30    | 
|                                                                                                | Reclassification adjustment, net of tax $(64)  Q3/05,
    $(2)  Q3/04, $(24)  Q3/05 YTD,
    $(2)  Q3/04 YTD |               |       | 100   |               |   |       | 4     |   |   |        | 38    |   |   |        | 4     | 
|                                                                                                | Foreign currency translation adjustment                                                                          |               |       | 6,269 |               |   |       | 5,474 |   |   |        | 4,403 |   |   |        | 1,832 | 
|                                                                                                |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |      
|Comprehensive income based on U.S. GAAP (2)                                                     |                                                                                                                  | $             | 5,539 |       |               | $ | 6,592 |       |   | $ | 24,331 |       |   | $ | 24,226 |      
|                                                                                                |                                                                                                                  |               |       |       |               |   |       |       |   |   |        |      





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 21



---



##### Table of Contents



Shareholders equity




|                                            |                                                              |               |         |    |              |   |         |     | 
|------------------------------------------- | ------------------------------------------------------------ | ------------- | ------- | -- | ------------ | - | ------- | --- | 
|                                            |                                                              | September 30, |         |    | December 31, |  
|                                            |                                                              | 2005          |         |    | 2004         |  
|                                            |                                                              |               |         |    |              |  
|Shareholders equity based on Canadian GAAP |                                                              | $             | 411,344 |    |              | $ | 381,783 |    
|Adjustment to investment held for sale (3)  |                                                              |               | (1,716  | )  |              |   | (1,716  | )  
|Accumulated other comprehensive income:     |                                                              |               |         |    |              |   |         |    
|                                            | Unrealized gain net of tax of $(50)  2005,
    $(99)  2004 |               |         | 80 |              |   |         | 157 | 
|                                            |                                                              |               |         |    |              |  
|Shareholders equity based on U.S. GAAP (3) |                                                              | $             | 409,708 |    |              | $ | 380,224 |    
|                                            |                                                              |               |         |    |              |  








|    |                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The condensed consolidated statements of earnings and cash flows
    for the three months and nine months ended September 30,
    2005 and 2004, were the same under Canadian and U.S. GAAP.
    The condensed consolidated balance sheets as at
    September 30, 2005 and December 31, 2004 under
    U.S. GAAP are as follows:

|                                       |  |               |         |  |              |   |         | 
|-------------------------------------- |  | ------------- | ------- |  | ------------ | - | ------- | 
|                                       |  | September 30, |         |  | December 31, |  
|                                       |  | 2005          |         |  | 2004         |  
|                                       |  |               |         |  |              |  
|Condensed consolidated balance sheets: |  |               |         |  |              |   |         | 
|Total current assets                   |  | $             | 363,738 |  |              | $ | 348,707 | 
|Total assets (4)                       |  | $             | 891,968 |  |              | $ | 853,753 | 
|Total current liabilities              |  | $             | 292,737 |  |              | $ | 279,345 | 
|Total liabilities (4)                  |  | $             | 482,260 |  |              | $ | 473,529 | 
|Total shareholders equity             |  | $             | 409,708 |  |              | $ | 380,224 | 



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Under U.S. GAAP, comprehensive income is measured in
    accordance with SFAS No. 130, Reporting Comprehensive
    Income. This standard defines comprehensive income as all
    changes in equity other than those resulting from investments by
    owners and distributions to owners and includes the change in
    unrealized gains (losses) on debt and equity securities and
    foreign currency translation adjustments. Under Canadian GAAP
    unrealized gains and losses (arising from a temporary decline in
    value) on equity securities are not recorded and foreign
    currency translation adjustments are presented as movements in
    the cumulative translation account. Certain disclosures required
    by SFAS 115, Accounting for Certain Investments in Debt and
    Equity Securities, have not been included as such disclosures
    related to the Companys investments in debt and equity
    securities are immaterial to the overall financial statement
    presentation.                                                                                                                                                                    
|   
|(3) | Under Canadian GAAP, investments held for sale are recorded at
    cost. No further adjustments are made to the carrying value of
    the investment until it is sold. Under U.S. GAAP
    investments held for sale are recorded at cost and adjusted to
    fair value until sold. The adjustment of $1,716 reflects the
    difference in accounting for investments held for sale and
    subsequently sold by the Company under Canadian GAAP vs.
    U.S. GAAP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   
|(4) | Under Canadian GAAP, the Company accounts for the interest rate
    swap transaction which converted fixed rate interest payments of
    5.71% and 6.16% on the Senior Notes of $10 million and
    $55 million, respectively, using the synthetic instruments
    method. Under this method, the Company reports in earnings the
    net interest expense on the swap and associated debt as if it
    were a single, synthetic, financial instrument. The fair value
    of the swap, estimated at $3.5 million, is not recognized
    in the Companys Canadian GAAP financial statements. Under
    U.S. GAAP, the Company has designated the swap transaction
    as a hedge of changes in the fair value of its fixed rate debt
    caused by changes in interest rates. Under SFAS 133,
    Accounting for Derivative Instruments and Hedging Activities,
    the Company records the swap at its fair value. Changes in fair
    value of the swap are reported in earnings. Changes in the fair
    value of the debt being hedged which are attributable to changes
    in interest rates are recognized in earnings by adjustment of
    the carrying amount of the debt.





|                            |                                    
|--------------------------- | -----------------------------------
|22HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



Effects of New Accounting Pronouncements




18. Subsequent Event








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 23



---



##### Table of Contents








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

The following discussion and analysis should be read in
conjunction with our unaudited consolidated financial statements
and accompanying notes included elsewhere in this report.
Certain information contained in Managements
Discussion and Analysis of Financial Condition and Results of
Operations are forward-looking statements that involve
risks and uncertainties. Our actual results may differ
materially from the results discussed in the forward-looking
statements because of various factors, including those discussed
below and elsewhere in this Form 10-Q. Reference to
Hub, we, us, our
and the registrant refer to Hub International
Limited and its subsidiaries, unless otherwise expressly stated.
Unless otherwise indicated, all dollar amounts are expressed in,
and the term dollars and the symbol $
refer to, U.S. dollars. The term Canadian
dollars and the symbol C$ refer to Canadian
dollars. Our financial statements are prepared in accordance
with Canadian generally accepted accounting principles
(Canadian GAAP). These principles differ in certain
respects from United States generally accepted accounting
principles (U.S. GAAP) and to the extent that
they affect us are described in Note 17 to our unaudited
consolidated financial statements.


Overview








same-store-sales








|                            |                                    
|--------------------------- | -----------------------------------
|24HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents













| |   |                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Volume overrides  additional compensation paid by
    insurance companies to brokerages on the basis of the overall
    volume of business a brokerage places with the insurance company.                                         
|
| |  | Contingent commissions  additional compensation based
    on the profit an insurance company makes on the book of business
    a brokerage places with the insurance company.                                                     
|
| |  | Other income  comprised primarily of premium finance
    fees, fees charged to clients in lieu of commissions and
    interest income, including income earned while we hold client
    premiums on behalf of insurance companies.

Results of Operations


Three months ended September 30, 2005 compared with
three months ended September 30, 2004


Revenue








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 25



---



##### Table of Contents





|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |     | 
|------------------------------ | -------------------------------- | ------- | ------ | --------- | ---- | - | --------- | --------- | ---------- | -------------- | --------- | --- | ------- | ------------- | --- | ------- | --------- | - | ------ | --------- |  | - | ----- | --- |  |  | --- | --- | 
|                               |                                  | Revenue |        |           |      |   |           |           | Adjustment |                |           |     |         |              
|                               |                                  |         |        |           |      |   |           |           | for        |                |           |     |         |              
|(in thousands of U.S. dollars, |                                  |         |        | Total Net |      |   | Total Net |           |            | (Acquisitions) |           |     | Organic |               |     | Organic |          
|except percentages)            |                                  | 2005    |        |           | 2004 |   |           | Change($) |            |                | Growth(%) |     |         | and Disposals |     |         | Growth($) |   |        | Growth(%) | 
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|Total                          |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|Commission Income              |                                  | $       | 92,560 |           |      | $ | 87,524    |           |            | $              | 5,036     |     |         |               | 6%  |         |           | $ | (1,401 | )         |  | $ | 3,635 |     |  |  | 4%  |    
|Contingent                     |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|                               | Commissions and Volume Overrides |         |        | 2,391     |      |   |           | 1,866     |            |                |           | 525 |         |               |     | 28%     |           |   |        |          |  |   |       | 525 |  |  |     | 28% | 
|Other Income                   |                                  |         | 3,332  |           |      |   | 2,636     |           |            |                | 696       |     |         |               | 26% |         |           |   | (55    | )         |  |   | 641   |     |  |  | 24% |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|Total                          |                                  | $       | 98,283 |           |      | $ | 92,026    |           |            | $              | 6,257     |     |         |               | 7%  |         |           | $ | (1,456 | )         |  | $ | 4,801 |     |  |  | 5%  |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|                              
|U.S.                           |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|Commission Income              |                                  | $       | 62,672 |           |      | $ | 59,913    |           |            | $              | 2,759     |     |         |               | 5%  |         |           | $ | (1,805 | )         |  | $ | 954   |     |  |  | 2%  |    
|Contingent                     |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|                               | Commissions and Volume Overrides |         |        | 1,952     |      |   |           | 1,606     |            |                |           | 346 |         |               |     | 22%     |           |   |        |          |  |   |       | 346 |  |  |     | 22% | 
|Other Income                   |                                  |         | 2,623  |           |      |   | 2,100     |           |            |                | 523       |     |         |               | 25% |         |           |   | (55    | )         |  |   | 468   |     |  |  | 22% |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|Total                          |                                  | $       | 67,247 |           |      | $ | 63,619    |           |            | $              | 3,628     |     |         |               | 6%  |         |           | $ | (1,860 | )         |  | $ | 1,768 |     |  |  | 3%  |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|                              
|Canada                         |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|Commission Income              |                                  | $       | 29,888 |           |      | $ | 27,611    |           |            | $              | 2,277     |     |         |               | 8%  |         |           | $ | 404    |           |  | $ | 2,681 |     |  |  | 10% |    
|Contingent                     |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           |  |   |       |     |  |  |     |    
|                               | Commissions and Volume Overrides |         |        | 439       |      |   |           | 260       |            |                |           | 179 |         |               |     | 69%     |           |   |        |          |  |   |       | 179 |  |  |     | 69% | 
|Other Income                   |                                  |         | 709    |           |      |   | 536       |           |            |                | 173       |     |         |               | 32% |         |           |   |       |           |  |   | 173   |     |  |  | 32% |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 
|Total                          |                                  | $       | 31,036 |           |      | $ | 28,407    |           |            | $              | 2,629     |     |         |               | 9%  |         |           | $ | 404    |           |  | $ | 3,033 |     |  |  | 11% |    
|                               |                                  |         |        |           |      |   |           |           |            |                |           |     |         |               |     |         |           |   |        |           | 





|                                                                                               |                                                                |              |      |       |             |   |       |              |   |   |             |       |   |   |      |       |  
|---------------------------------------------------------------------------------------------- | -------------------------------------------------------------- | ------------ | ---- | ----- | ----------- | - | ----- | ------------ | - | - | ----------- | ----- | - | - | ---- | ----- | -
|                                                                                               |                                                                | 2005         |      |       | 2004        |  
|(in thousands of U.S. dollars,                                                                 |                                                                |              |      |       |             |  
|except per share amounts)                                                                      |                                                                | Net Earnings |      |       | Diluted EPS |   |       | Net Earnings |   |   | Diluted EPS |      
|                                                                                               |                                                                |              |      |       |             |   |       |              |   |   |             |      
|Reported results from continuing operations (GAAP) for the three
    months ended September 30 |                                                                | $            | (320 | )     |             | $ | (0.01 | )            |   | $ | 1,212       |       |   | $ | 0.04 |      
|                                                                                               | Impact of foreign exchange                                     |              | $    | (252  | )           |   | $     | (0.01        | ) |   | $           | (388  | ) |   | $    | (0.01 | )
|                                                                                               | Impact of severance costs                                      |              | $    | 1,004 |             |   | $     | 0.03         |   |   | $           |      |   |   | $    |      |  
|                                                                                               | Impact of compensation for Talbot earnout                      |              | $    | 7,576 |             |   | $     | 0.25         |   |   | $           | 6,889 |   |   | $    | 0.21  |  
|                                                                                               | Impact of loss on foreign exchange forward contract            |              |      | 354   |             |   | $     | 0.01         |   |   | $           |      |   |   | $    |      |  
|                                                                                               | Impact of gain on dispositions of assets of certain brokerages |              | $    |      |             |   | $     |             |   |   | $           | (605  | ) |   | $    | (0.02 | )





|                            |                                    
|--------------------------- | -----------------------------------
|26HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents







U.S. Results




Canadian
Results




Compensation Expense








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 27



---



##### Table of Contents



Compensation Comparison


For the three months ended September 30, 2005 and
2004


(in thousands of U.S. dollars, except percentages)


|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |      |     |  |  |     |     | 
|------------------------------------------------------ | --------------------------------------- | ---- | ------ | ------ | ---- | - | ------ | -------- |  |  | ---- | -- |  | ---- | ---- | --- |  |  | --- | --- | 
|                                                       |                                         |      |        |        |      |   |        | % of     | 
|                                                       |                                         |      |        |        |      |   |        | Revenue  | 
|                                                       |                                         |      |        |        |      |   |        |          | 
|                                                       |                                         | 2005 |        |        | 2004 |   |        | % Change |  |  | 2005 |    |  | 2004 |     
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|Employee cash compensation                             |                                         | $    | 58,518 |        |      | $ | 55,493 |          |  |  | 5%   |    |  |      | 60%  |     |  |  | 60% |    
|Less: severance costs                                  |                                         |      | (1,568 | )      |      |   |       |          |  |  |     |    |  |      | (2)% |     |  |  |    |    
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|                                                       | Cash compensation excluding severance   |      |        | 56,950 |      |   |        | 55,493   |  |  |      | 3% |  |      |      | 58% |  |  |     | 60% | 
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|Compensation for Talbot earnout  cash                 |                                         |      | 3,287  |        |      |   | 3,178  |          |  |  | 3%   |    |  |      | 3%   |     |  |  | 3%  |    
|Compensation for Talbot earnout  non-cash stock based |                                         |      | 4,289  |        |      |   | 3,711  |          |  |  | 16%  |    |  |      | 4%   |     |  |  | 4%  |    
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|Total compensation for Talbot earnout                  |                                         |      | 7,576  |        |      |   | 6,889  |          |  |  | 10%  |    |  |      | 7%   |     |  |  | 7%  |    
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|                                                       | Other non-cash stock based compensation |      |        | 1,565  |      |   |        | 1,457    |  |  |      | 7% |  |      |      | 2%  |  |  |     | 2%  | 
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     
|Total                                                  |                                         | $    | 66,091 |        |      | $ | 63,839 |          |  |  | 4%   |    |  |      | 67%  |     |  |  | 69% |    
|                                                       |                                         |      |        |        |      |   |        |          |  |  |      |    |  |      |     





|                                                  |  |      |       |   |      |   |       | 
|------------------------------------------------- |  | ---- | ----- | - | ---- | - | ----- | 
|(in thousands of U.S. dollars)                    |  | 2005 |       |   | 2004 |  
|                                                  |  |      |       |   |      |  
|Stock options granted June 2002                   |  | $    | (8    | ) |      | $ | 470   | 
|Stock options granted February 2003               |  |      | 91    |   |      |   | 99    | 
|Stock based compensation granted for 2003 bonuses |  |      | 758   |   |      |   | 529   | 
|Restricted share units                            |  |      | 722   |   |      |   | 359   | 
|Common shares for acquisitions                    |  |      | 2     |   |      |   |      | 
|                                                  |  |      |       |   |      |  
|Total other non-cash stock based compensation     |  | $    | 1,565 |   |      | $ | 1,457 | 
|                                                  |  |      |       |   |      |  

Selling, Occupancy and Administration Expense




Depreciation




Interest Expense








|                            |                                    
|--------------------------- | -----------------------------------
|28HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents



Intangible Asset Amortization




Gain on Disposal of Subsidiaries, Property, Equipment and
Other Assets




Loss on Foreign Exchange Forward Contract




Provision for Income Tax Expense




Net Loss and Diluted Loss per Share from Discontinued
Operations




Net Earnings and Diluted Earnings Per Share from Continuing
Operations






Results of Operations


Nine months ended September 30, 2005 compared with nine
months ended September 30, 2004


Revenue








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 29



---



##### Table of Contents







|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |     | 
|------------------------------ | -------------------------------- | ----------------- | ------- | --------- | ---- | - | --------- | --------- | ---------- | -------------- | --------- | ------ | ------- | ------------- | --- | ------- | --------- | - | ------- | --------- | - | - | ------ | ----- |  |  | --- | --- | 
|                               |                                  | Revenue           |         |           |      |   |           |           |            |                |           |        |        
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |        
|                               |                                  | First Nine months |         |           |      |   |           |           | Adjustment |                |           |        |         |              
|                               |                                  |                   |         |           |      |   |           |           | for        |                |           |        |         |              
|(in thousands of U.S. dollars, |                                  |                   |         | Total Net |      |   | Total Net |           |            | (Acquisitions) |           |        | Organic |               |     | Organic |          
|except percentages)            |                                  | 2005              |         |           | 2004 |   |           | Change($) |            |                | Growth(%) |        |         | and Disposals |     |         | Growth($) |   |         | Growth(%) |  
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|Total                          |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|Commission Income              |                                  | $                 | 283,271 |           |      | $ | 226,032   |           |            | $              | 57,239    |        |         |               | 25% |         |           | $ | (46,528 | )         |   | $ | 10,711 |       |  |  | 5%  |    
|Contingent                     |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|                               | Commissions and Volume Overrides |                   |         | 35,794    |      |   |           | 19,940    |            |                |           | 15,854 |         |               |     | 80%     |           |   |         | (9,537    | ) |   |        | 6,317 |  |  |     | 32% | 
|Other Income                   |                                  |                   | 9,413   |           |      |   | 7,634     |           |            |                | 1,779     |        |         |               | 23% |         |           |   | (444    | )         |   |   | 1,335  |       |  |  | 17% |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|Total                          |                                  | $                 | 328,478 |           |      | $ | 253,606   |           |            | $              | 74,872    |        |         |               | 30% |         |           | $ | (56,509 | )         |   | $ | 18,363 |       |  |  | 7%  |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|                              
|U.S.                           |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|Commission Income              |                                  | $                 | 194,889 |           |      | $ | 143,767   |           |            | $              | 51,122    |        |         |               | 36% |         |           | $ | (49,453 | )         |   | $ | 1,669  |       |  |  | 1%  |    
|Contingent                     |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|                               | Commissions and Volume Overrides |                   |         | 26,369    |      |   |           | 13,437    |            |                |           | 12,932 |         |               |     | 96%     |           |   |         | (9,859    | ) |   |        | 3,073 |  |  |     | 23% | 
|Other Income                   |                                  |                   | 7,521   |           |      |   | 5,940     |           |            |                | 1,581     |        |         |               | 27% |         |           |   | (515    | )         |   |   | 1,066  |       |  |  | 18% |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|Total                          |                                  | $                 | 228,779 |           |      | $ | 163,144   |           |            | $              | 65,635    |        |         |               | 40% |         |           | $ | (59,827 | )         |   | $ | 5,808  |       |  |  | 4%  |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|                              
|Canada                         |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|Commission Income              |                                  | $                 | 88,382  |           |      | $ | 82,265    |           |            | $              | 6,117     |        |         |               | 7%  |         |           | $ | 2,925   |           |   | $ | 9,042  |       |  |  | 11% |    
|Contingent                     |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |   |   |        |       |  |  |     |    
|                               | Commissions and Volume Overrides |                   |         | 9,425     |      |   |           | 6,503     |            |                |           | 2,922  |         |               |     | 45%     |           |   |         | 322       |   |   |        | 3,244 |  |  |     | 50% | 
|Other Income                   |                                  |                   | 1,892   |           |      |   | 1,694     |           |            |                | 198       |        |         |               | 12% |         |           |   | 71      |           |   |   | 269    |       |  |  | 16% |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  
|Total                          |                                  | $                 | 99,699  |           |      | $ | 90,462    |           |            | $              | 9,237     |        |         |               | 10% |         |           | $ | 3,318   |           |   | $ | 12,555 |       |  |  | 14% |    
|                               |                                  |                   |         |           |      |   |           |           |            |                |           |        |         |               |     |         |           |   |         |           |  









|                            |                                    
|--------------------------- | -----------------------------------
|30HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents



|                                                                                              |                                                               |              |        |        |             |   |      |              |   |   |             |        |   |   |      |       |  
|--------------------------------------------------------------------------------------------- | ------------------------------------------------------------- | ------------ | ------ | ------ | ----------- | - | ---- | ------------ | - | - | ----------- | ------ | - | - | ---- | ----- | -
|                                                                                              |                                                               | 2005         |        |        | 2004        |  
|(in thousands of U.S. dollars,                                                                |                                                               |              |        |        |             |  
|except per share amounts)                                                                     |                                                               | Net Earnings |        |        | Diluted EPS |   |      | Net Earnings |   |   | Diluted EPS |       
|                                                                                              |                                                               |              |        |        |             |   |      |              |   |   |             |       
|Reported results from continuing operations (GAAP) for the nine
    months ended September 30 |                                                               | $            | 20,143 |        |             | $ | 0.59 |              |   | $ | 22,426      |        |   | $ | 0.68 |      
|                                                                                              | Impact of foreign exchange                                    |              | $      | (1,341 | )           |   | $    | (0.04        | ) |   | $           | (1,473 | ) |   | $    | (0.04 | )
|                                                                                              | Impact of severance costs                                     |              | $      | 1,004  |             |   | $    | 0.03         |   |   | $           |       |   |   | $    |      |  
|                                                                                              | Impact of compensation for Talbot earnout                     |              | $      | 23,491 |             |   | $    | 0.64         |   |   | $           | 6,889  |   |   | $    | 0.20  |  
|                                                                                              | Impact of loss on foreign exchange forward contract           |              | $      | 354    |             |   | $    | 0.01         |   |   | $           |       |   |   | $    |      |  
|                                                                                              | Impact of gain on forgiveness of debt                         |              | $      | (2,925 | )           |   | $    | (0.08        | ) |   | $           |       |   |   | $    |      |  
|                                                                                              | Impact of gain on disposition of assets of certain brokerages |              | $      | (1,914 | )           |   | $    | (0.05        | ) |   | $           | (1,019 | ) |   | $    | (0.03 | )
|                                                                                              | Impact of write-off of trademarks                             |              | $      |       |             |   | $    |             |   |   | $           | 1,656  |   |   | $    | 0.05  |  





U.S. Results




Canadian
Results








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 31



---



##### Table of Contents



Compensation Expense




Compensation Comparison


For the nine months ended September 30, 2005 and 2004


(in thousands of U.S. dollars, except percentages)


|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |     |     |  |  |     |     | 
|------------------------------------------------------ | ------------------------------------- | ---- | ------- | ------- | ---- | - | ------- | -------- |  |  | ---- | --- |  | ---- | --- | --- |  |  | --- | --- | 
|                                                       |                                       |      |         |         |      |   |         | % of     | 
|                                                       |                                       |      |         |         |      |   |         | Revenue  | 
|                                                       |                                       |      |         |         |      |   |         |          | 
|                                                       |                                       | 2005 |         |         | 2004 |   |         | % Change |  |  | 2005 |     |  | 2004 |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|Employee cash compensation                             |                                       | $    | 181,246 |         |      | $ | 138,244 |          |  |  | 31%  |     |  |      | 55% |     |  |  | 55% |    
|Less: severance costs                                  |                                       |      | (1,568  | )       |      |   |        |          |  |  |     |     |  |      |    |     |  |  |    |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|                                                       | Cash compensation excluding severance |      |         | 179,678 |      |   |         | 138,244  |  |  |      | 30% |  |      |     | 55% |  |  |     | 55% | 
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|Compensation for Talbot earnout  cash                 |                                       |      | 9,800   |         |      |   | 3,178   |          |  |  | 208% |     |  |      | 3%  |     |  |  | 1%  |    
|Compensation for Talbot earnout  non-cash stock based |                                       |      | 13,691  |         |      |   | 3,711   |          |  |  | 269% |     |  |      | 4%  |     |  |  | 1%  |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|Total compensation for Talbot earnout                  |                                       |      | 23,491  |         |      |   | 6,889   |          |  |  | 241% |     |  |      | 7%  |     |  |  | 2%  |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|Other non-cash stock based compensation                |                                       |      | 5,300   |         |      |   | 4,772   |          |  |  | 11%  |     |  |      | 1%  |     |  |  | 2%  |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    
|Total                                                  |                                       | $    | 208,469 |         |      | $ | 149,905 |          |  |  | 39%  |     |  |      | 63% |     |  |  | 59% |    
|                                                       |                                       |      |         |         |      |   |         |          |  |  |      |     |  |      |    





|                                                  |  |      |       |  |      |   |       | 
|------------------------------------------------- |  | ---- | ----- |  | ---- | - | ----- | 
|(in thousands of U.S. dollars)                    |  | 2005 |       |  | 2004 |  
|                                                  |  |      |       |  |      |  
|Stock options granted June 2002                   |  | $    | 843   |  |      | $ | 1,471 | 
|Stock options granted February 2003               |  |      | 281   |  |      |   | 329   | 
|Stock based compensation granted for 2003 bonuses |  |      | 2,272 |  |      |   | 1,796 | 
|Restricted share units                            |  |      | 1,885 |  |      |   | 1,176 | 
|Common shares for acquisitions                    |  |      | 19    |  |      |   |      | 
|                                                  |  |      |       |  |      |  
|Total other non-cash stock based compensation     |  | $    | 5,300 |  |      | $ | 4,772 | 
|                                                  |  |      |       |  |      |  

Selling, Occupancy and Administration Expense








|                            |                                    
|--------------------------- | -----------------------------------
|32HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents



Depreciation




Interest Expense




Intangible Asset Amortization




Loss on Foreign Exchange Forward Contract




Gain on Forgiveness of Debt




Gain on Disposal of Subsidiaries, Property, Equipment and
Other Assets




Loss on Write-Off of Trademarks




Provision for Income Tax Expense




Net Loss and Diluted Loss per Share from Discontinued
Operations








|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 33



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##### Table of Contents





Net Earnings and Earnings Per Share from Continuing
Operations






Cash Flow, Liquidity and Capital Resources










|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Revolving U.S. dollar LIBOR loan  This unsecured
    facility totals $75 million and bears interest at a
    floating rate of prime plus 1% or 112.5 basis points above
    LIBOR. LIBOR was 3.86% and 2.40% at September 30, 2005 and
    December 31, 2004, respectively. The facility is available
    on a revolving basis for one year. In April 2005 we successfully
    renewed this loan with terms identical to the existing loan. The
    new loan expires on April 19, 2006. However, if the
    revolving period is not extended, we may convert the outstanding
    balance under the facility to a three year non-revolving term
    loan repayable at the end of three years with an interest rate
    of 137.5 basis points above the Canadian dollar interest swap
    rate which was 3.61% at September 30, 2005. An annual
    commitment fee of 20 basis points is assessed on the unused
    balance. Borrowings under this facility totaled $75 million
    at September 29, 2005 and $65 million at
    December 31, 2004. As of September 30, 2005, we were
    in compliance with all financial covenants governing this
    facility.





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|34HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents





|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Demand U.S. dollar base rate loan  We have an
    undrawn $10.3 million facility which bears interest at the
    banks U.S. base rate, which was 7.25% and 5.75% at
    September 30, 2005 and December 31, 2004,
    respectively, plus 50 basis points. Borrowings under this
    facility are repayable on demand.

















|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 35



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##### Table of Contents









Contractual Obligations




|                                    |  |          |  |           |         |  |     |       |        |     |       |   |         |         |  |  |         | 
|----------------------------------- |  | -------- |  | --------- | ------- |  | --- | ----- | ------ | --- | ----- | - | ------- | ------- |  |  | ------- | 
|Payments due by period              |  |          |  | Less than |         |  | 1-3 |       |        | 4-5 |       |   | After   |        
|(in thousands of U.S. dollars)      |  | Total    |  |           | 1 Year  |  |     | Years |        |     | Years |   |         | 5 Years | 
|                                    |  |          |  |           |         |  |     |       |        |     |       |   |         |        
|Contractual Obligations             |  |          |  |           |         |  |     |       |        |     |       |   |         |         |  |  |         | 
|Long-term debt                      |  | $149,637 |  |           | $14,527 |  |     | $     | 7,856  |     |       | $ | 94,254  |         |  |  | $33,000 | 
|Subordinated convertible debentures |  | 35,000   |  |           |        |  |     |       | 35,000 |     |       |   |        |         |  |  |        | 
|Interest on long-term debt          |  | 32,094   |  |           | 7,433   |  |     |       | 14,598 |     |       |   | 6,937   |         |  |  | 3,126   | 
|Capital lease obligations           |  | 254      |  |           | 252     |  |     |       | 2      |     |       |   |        |         |  |  |        | 
|Operating lease obligations         |  | 83,321   |  |           | 16,103  |  |     |       | 26,290 |     |       |   | 19,577  |         |  |  | 21,351  | 
|Executive share purchase plan loans |  | 256      |  |           |        |  |     |       | 256    |     |       |   |        |         |  |  |        | 
|                                    |  |          |  |           |         |  |     |       |        |     |       |   |         |        
|Total                               |  | $300,562 |  |           | $38,315 |  |     | $     | 84,002 |     |       | $ | 120,768 |         |  |  | $57,477 | 
|                                    |  |          |  |           |         |  |     |       |        |     |       |   |         |        

Acquisitions










|                            |                                    
|--------------------------- | -----------------------------------
|36HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents





Other






Shareholders equity


Restricted share units.


Share repurchases.


Shares reserved for issuance.






|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 37



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##### Table of Contents





|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |        |   |  |   |         |  
|----------------------------------------------------------------------- |  | ------- | ------- |  | ----------- | ---------- | ------ | ----------- |  | - | -------- | - |  | ----- | ------ | - |  | - | ------- | -
|                                                                        |  |         |         |  |             | Cumulative |        |             |  |   |         
|                                                                        |  | Share   |         |  | Contributed |            |        | Translation |  |   | Retained |   |  |      
|(in thousands of U.S. dollars)                                          |  | Capital |         |  | Surplus     |            |        | Account     |  |   | Earnings |   |  | Total |       
|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |       
|Balance, December 31, 2004                                              |  | $       | 259,617 |  |             | $          | 12,681 |             |  | $ | 26,983   |   |  | $     | 82,502 |   |  | $ | 381,783 |  
|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |       
|Non-cash stock based compensation                                       |  |         |        |  |             |            | 5,207  |             |  |   |         |   |  |       |       |   |  |   | 5,207   |  
|Shares issued, net of cancellation                                      |  |         | 2,230   |  |             |            | (1,523 | )           |  |   |         |   |  |       |       |   |  |   | 707     |  
|Shares issued for contingent consideration                              |  |         | 1,865   |  |             |            |       |             |  |   |         |   |  |       |       |   |  |   | 1,865   |  
|Stock options exercised                                                 |  |         | 2,569   |  |             |            |       |             |  |   |         |   |  |       |       |   |  |   | 2,569   |  
|Restricted share units released                                         |  |         | 667     |  |             |            |       |             |  |   |         |   |  |       |       |   |  |   | 667     |  
|Executive share purchase plan shares, net of cancellation               |  |         | 202     |  |             |            |       |             |  |   |         |   |  |       |       |   |  |   | 202     |  
|Other                                                                   |  |         |         |  |             |            | (535   | )           |  |   |         |   |  |       |       |   |  |   | (535    | )
|Translation of self-sustaining foreign operations                       |  |         |        |  |             |            |       |             |  |   | 4,417    |   |  |       |       |   |  |   | 4,417   |  
|Translation of debt financing of self-sustaining foreign
    operations |  |         |        |  |             |            |       |             |  |   | (14      | ) |  |       |       |   |  |   | (14     | )
|Net earnings                                                            |  |         |        |  |             |            |       |             |  |   |         |   |  |       | 20,007 |   |  |   | 20,007  |  
|Dividends paid                                                          |  |         |        |  |             |            |       |             |  |   |         |   |  |       | (5,531 | ) |  |   | (5,531  | )
|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |       
|                                                                        |  |         | 7,533   |  |             |            | (3,149 | )           |  |   | 4,403    |   |  |       | 14,476 |   |  |   | 29,561  |  
|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |       
|Balance, September 30, 2005                                             |  | $       | 267,150 |  |             | $          | 15,830 |             |  | $ | 31,386   |   |  | $     | 96,978 |   |  | $ | 411,344 |  
|                                                                        |  |         |         |  |             |            |        |             |  |   |          |   |  |       |       

Market Risk


Interest rate risk




Exchange rate sensitivity






|                               |  |       |     |  |      |       |     | 
|------------------------------ |  | ----- | --- |  | ---- | ----- | --- | 
|(in millions of U.S. dollars)  |  | 2005  |     |  | 2004 |      
|                               |  |       |     |  |      |      
|Revenue                        |  | +/- $ | 0.4 |  |      | +/- $ | 0.4 | 
|Net earnings                   |  | +/- $ | 0.0 |  |      | +/- $ | 0.1 | 
|Cumulative translation account |  | +/- $ | 1.8 |  |      | +/- $ | 0.6 | 





|                            |                                    
|--------------------------- | -----------------------------------
|38HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents





Goodwill and Other Intangible Assets




|                               |  |               |         |   |              |   |         |  
|------------------------------ |  | ------------- | ------- | - | ------------ | - | ------- | -
|                               |  | September 30, |         |   | December 31, |  
|(in thousands of U.S. dollars) |  | 2005          |         |   | 2004         |  
|                               |  |               |         |   |              |  
|Customer relationships         |  | $             | 101,163 |   |              | $ | 95,982  |  
|Non-competition covenants      |  |               | 4,269   |   |              |   | 4,110   |  
|Goodwill                       |  |               | 414,078 |   |              |   | 394,063 |  
|Accumulated amortization       |  |               | (34,877 | ) |              |   | (28,637 | )
|                               |  |               |         |   |              |  
|Total                          |  | $             | 484,633 |   |              | $ | 465,518 |  
|                               |  |               |         |   |              |  







|                               |  |               |       |  |               |   |       |      |  |   |       |  |  |   |       | 
|------------------------------ |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ----- |  |  | - | ----- | 
|                               |  | For the three |       |  | For the nine  |  
|                               |  | months ended  |       |  | months ended  |  
|                               |  | September 30, |       |  | September 30, |  
|                               |  |               |       |  |               |  
|(in thousands of U.S. dollars) |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004  | 
|                               |  |               |       |  |               |   |       |      |  |   |       | 
|Customer relationships         |  | $             | 1,916 |  |               | $ | 1,843 |      |  | $ | 5,507 |  |  | $ | 3,499 | 
|Non-competition covenants      |  |               | 45    |  |               |   | 58    |      |  |   | 150   |  |  |   | 118   | 
|                               |  |               |       |  |               |   |       |      |  |   |       | 
|Total                          |  | $             | 1,961 |  |               | $ | 1,901 |      |  | $ | 5,657 |  |  | $ | 3,617 | 
|                               |  |               |       |  |               |   |       |      |  |   |       | 



|                               |  |      |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|------------------------------ |  | ---- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  |  | - | ----- | 
|Year ended December 31,        |  |      |       |  |      |   |       |      |  |  
|(in thousands of U.S. dollars) |  | 2005 |       |  | 2006 |   |       | 2007 |  |   | 2008  |  |  | 2009 |      
|                               |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      
|Customer relationships         |  | $    | 7,699 |  |      | $ | 7,838 |      |  | $ | 7,839 |  |  | $    | 7,839 |  |  | $ | 7,839 | 
|Non-competition covenants      |  |      | 131   |  |      |   | 109   |      |  |   | 87    |  |  |      | 1     |  |  |   | 1     | 
|                               |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      
|Total                          |  | $    | 7,830 |  |      | $ | 7,947 |      |  | $ | 7,926 |  |  | $    | 7,840 |  |  | $ | 7,840 | 
|                               |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      





|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 39



---



##### Table of Contents



Related Party Transactions




|                                          |  |               |       |  |               |   |       |      |  |   |        |  |  |   |        | 
|----------------------------------------- |  | ------------- | ----- |  | ------------- | - | ----- | ---- |  | - | ------ |  |  | - | ------ | 
|                                          |  | For the three |       |  | For the nine  |  
|                                          |  | months ended  |       |  | months ended  |  
|                                          |  | September 30, |       |  | September 30, |  
|                                          |  |               |       |  |               |  
|                                          |  | 2005          |       |  | 2004          |   |       | 2005 |  |   | 2004   | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|Northbridge Financial Corporation         |  | $             | 4,640 |  |               | $ | 4,953 |      |  | $ | 16,579 |  |  | $ | 15,904 | 
|Crum & Forster Holdings, Inc.             |  |               | 159   |  |               |   | 84    |      |  |   | 624    |  |  |   | 443    | 
|Fairfax Inc.                              |  |               | 213   |  |               |   | 463   |      |  |   | 2      |  |  |   | 3,053  | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|                                          |  |               | 5,012 |  |               |   | 5,500 |      |  |   | 17,205 |  |  |   | 19,400 | 
|Old Lyme Insurance Company, Ltd. (OLIC) |  |               | 1,455 |  |               |   | 1,066 |      |  |   | 4,362  |  |  |   | 1,297  | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 
|                                          |  | $             | 6,467 |  |               | $ | 6,566 |      |  | $ | 21,567 |  |  | $ | 20,697 | 
|                                          |  |               |       |  |               |   |       |      |  |   |        | 







Off-Balance Sheet Transactions








|                            |                                    
|--------------------------- | -----------------------------------
|40HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



---



##### Table of Contents






Item 3. Quantitative and Qualitative Disclosures
about Market Risk







Item 4. Controls and Procedures









PART II. OTHER INFORMATION





Item 1. Legal Proceedings














|                                    |                             
|----------------------------------- | ----------------------------
|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 41



---



##### Table of Contents














Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds











Item 5. Other Information


Information Concerning Forward-Looking Statements






| |   |                                              
| | - | ---------------------------------------------
| |  | implementing our business strategies;        
|
| |  | identifying and consummating acquisitions;   
|
| |  | successfully integrating acquired businesses;
|
| |  | attaining greater market share;              





|                            |                                    
|--------------------------- | -----------------------------------
|42HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005



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##### Table of Contents





| |   |                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | resolution of regulatory issues and litigation, including those
    related to compensation arrangements with insurance companies;                           
|
| |  | the possibility that the receipt of contingent compensation from
    insurance companies could be prohibited;                                                
|
| |  | developing and implementing effective information technology
    systems;                                                                                    
|
| |  | recruiting and retaining qualified employees;                                                                                                                
|
| |  | fluctuations in the demand for insurance products;                                                                                                           
|
| |  | fluctuations in the premiums charged by insurance companies
    (with corresponding fluctuations in our premium-based revenue);                              
|
| |  | fluctuations in foreign currency exchange rates;                                                                                                             
|
| |  | any loss of services of key executive officers;                                                                                                              
|
| |  | industry consolidation;                                                                                                                                      
|
| |  | increased competition in the industry;                                                                                                                       
|
| |  | the actual costs of resolution of contingent liabilities; and                                                                                                
|
| |  | the passage of new federal, state or provincial legislation
    subjecting our business to increased regulation in the
    jurisdictions in which we operate.





Dividends







Item 6. Exhibits


Exhibits


|     |  |                                                                                                                                                                                                                                                                          
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|31.1 |  | Certification of the Chief Executive Officer, Martin P. Hughes,
    pursuant to Rule 13a-14(a) or 15d-14(a), as enacted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                   
|31.2 |  | Certification of the Chief Financial Officer, Dennis J.
    Pauls, pursuant to Rule 13a-14(a) or 15d-14(a), as enacted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                    
|32.1 |  | Certification of the Chief Executive Officer, Martin P.
    Hughes, pursuant to 18 U.S.C. Section 1350, as enacted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                        
|32.2 |  | Certification of the Chief Financial Officer, Dennis J.
    Pauls, pursuant to 18 U.S.C. Section 1350, as enacted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                         
|99.1 |  | Information under the caption Risks related to our
    business and Risks related to our common
    shares is incorporated by reference from the
    registrants Annual Report on Form 10-K filed with the
    Securities and Exchange Commission on March 16, 2005.





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|QUARTERLY REPORT SEPTEMBER 30, 2005 | HUB INTERNATIONAL LIMITED 43



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##### Table of Contents






SIGNATURES






| |                          
| | -------------------------
| | HUB INTERNATIONAL LIMITED



| |     |                    
| | --- | -------------------
| | By: | /s/ Dennis J. Pauls

| |                                                          
| | ---------------------------------------------------------
| |                                                          
| | Dennis J. Pauls                                          
| | Vice President and Chief Financial Officer               
| | (duly authorized officer and Principal Financial Officer)







|                            |                                    
|--------------------------- | -----------------------------------
|44HUB INTERNATIONAL LIMITED | QUARTERLY REPORT SEPTEMBER 30, 2005