Hub International Ltd., a leading insurance brokerage and financial services firm, announced today that it has reached a $29 billion valuation following a $1.6 billion minority common equity investment. This marks the largest valuation to date for the private insurance brokerage, underscoring Hub’s sustained growth and success in the industry.
The investment was led by funds managed by T. Rowe Price Investment Management, Alpha Wave Global, and Temasek, with participation from both new and existing investors. The firm was advised by Simpson Thacher & Bartlett LLP on the deal.
Marc Cohen, Chairman and CEO of Hub International, commented, “Hub’s unparalleled middle-market experience over the past 25+ years—delivering industry and product specialization, as well as risk management solutions—sets us apart in the market. Our ongoing commitment to innovation, strategic acquisitions, and investment in our people has fueled consistent growth, and this new investment will accelerate our momentum.”
The $1.6 billion investment will provide primary capital for Hub International’s growth initiatives, including acquisitions, debt repayments, and general corporate purposes, such as strengthening the company’s balance sheet. Notably, the firm’s existing institutional shareholders had the option to seek liquidity, but no investors chose to sell their stakes, enabling the firm to focus on future growth.
Hub’s valuation has significantly increased over the years, rising from $4.4 billion in 2013 to $10 billion in 2018, and then to $23 billion in 2023. The continued investor confidence reflects Hub’s scale, profitability, and strong performance in the middle and upper middle-market segments.
Hellman & Friedman, Hub’s largest shareholder, retains its controlling interest in the firm, while Hub’s management team and minority shareholders, including Altas Partners and Leonard Green & Partners, will continue to have equity stakes and representation on the board of directors.
The deal is expected to close by the end of the month.
