Hub International Limited has secured a US$1.6 billion minority equity investment, pushing its enterprise valuation to US$29 billion - the highest recorded for a private insurance brokerage.
The investment, led by funds and accounts managed by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, with participation from both new and existing investors, highlights continued institutional confidence in the Chicago-based brokerage’s strategic growth trajectory.
The valuation milestone follows a decade of aggressive expansion. Since 2013, when private equity firm Hellman & Friedman (H&F) first invested at a US$4.4 billion valuation, Hub’s enterprise value has more than sextupled. A US$10 billion valuation followed Altas Partners’ 2018 minority stake, rising to US$23 billion with Leonard Green & Partners’ (LGP) 2023 investment, and now reaching US$29 billion. Over the same period, Hub’s annual revenue surged from US$1.1 billion to US$4.8 billion in 2024.
Recent strategic acquisitions have played a central role in this expansion. Even over the last month, south of the border, Hub has announced several notable deals, including the acquisitions of DeMarie Insurance, a Florida-based specialist with deep expertise in coastal property and small business coverage; Guru of Insurance, a Texas-based digital insurance agency known for its online distribution capabilities; and AGP, a commercial lines brokerage with a strong presence in the Midwest. In Canada, it most recently moved for Drayton Valley Insurance Agency in March.
“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 of 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.”
The investment proceeds will be used to fuel further acquisitions, reduce debt, and support corporate initiatives, as part of the company’s strategy under its 2023-launched Liquid Private Placement (LPP). That program, introduced in connection with LGP’s investment, provides liquidity options to institutional shareholders without requiring secondary redemptions. In this latest round, limited selling activity means the capital will be deployed primarily for growth.
Hub’s current ownership structure remains intact. H&F retains controlling interest, while Hub’s management holds a significant equity stake. Minority shareholders Altas and LGP will maintain their positions and board representation.
“Our long-term relationship with Hub speaks volumes of the calibre of the organization,” said Hunter Philbrick, partner at Hellman & Friedman. “As the fifth largest broker in the world and a leader in servicing the middle market, they’ve displayed a level of focus that has and continues to drive significant growth.”
Morgan Stanley and Goldman Sachs served as financial advisors to Hub, while Simpson Thacher & Bartlett LLP provided legal counsel. The transaction is expected to close by the end of May 2025.
