Hub to Get $1.6B Minority Investment, Valuing Company at $29B

Hub International Limited said the brokerage entered into a definitive agreement on an investment of about $1.6 billion from several firms.

Hub said the investment, valuing the Chicago-based company at $29 billion, is being led by accounts advised by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, with participation from other new and existing investors.

Hub said the valuation is the largest enterprise value for a private insurance broker.

Private equity firm Hellman & Friedman (H&F) will keep a controlling interest in Hub. H&F initially invested in the company in 2013 at a valuation of $4.4 billion. The company’s management team, Hub said, will continue to hold a significant equity position.

Altas and Leonard Green & Partners (LGP) will remain significant minority shareholders and will continue to be represented on HUB’s board of directors.

PE firm Atlas first acquired a minority stake in Hub in 2018. LGP chipped in a minority investment in 2023.

The recurring nature of these investments reflects continued investor confidence in HUB’s scale, profitability, organic revenue growth, and maintained focus on middle and upper middle market clients. HUB’s consistent organic growth is supported by industry-leading net new business performance, ongoing focus on cross-selling, seamless M&A integration, new distribution channels and digital solutions, and talent acquisition.

“HUB’s unparalleled middle market experience over the past 25+ years delivering industry and product specialization and risk management solutions brings a significant differentiation and level of expertise to our clients,” said Marc Cohen, chairman and CEO, Hub International. “Our ongoing investments in innovation, proprietary products, and strategic M&A, along with our commitment to learning and development, has led to consistent performance and strength in our organic growth and new business generation.”