Hub International valuation rises to $29 billion after $1.6 billion investment

By Ryan Hewlett

May 12 - (The Insurer) - Hub International has secured a minority investment of approximately $1.6 billion in a deal which hands the Chicago-headquartered intermediary an enterprise valuation of $29 billion, the company said on Monday.

The investment is being led by funds and accounts advised by T Rowe Price Investment Management, Alpha Wave Global and Temasek, with participation from other new and existing investors.

Hub was valued at $4.4 billion when Hellman & Friedman (H&F) initially invested in the company back in 2013. This climbed to $10 billion in 2018 when Altas Partners acquired a minority stake, and increased again to $23 billion in 2023 when Leonard Green & Partners (LGP) announced its minority investment.

The broker's annual revenue has increased more than fourfold during this period, from $1.1 billion in 2013 to $4.8 billion in 2024.

The transaction is expected to be completed by the end of May 2025.

H&F will retain a controlling interest in Hub, while the company’s management team will continue to hold a significant equity position. Altas and LGP will remain significant minority shareholders and will continue to be represented on Hub’s board of directors.

Morgan Stanley Smith Barney LLC and Goldman Sachs & Co LLC served as financial advisers to Hub, while Simpson Thacher & Bartlett LLP served as legal counsel.

Morgan Stanley served as exclusive financial adviser and Simpson Thacher & Bartlett served as legal counsel to Hub in connection with LGP’s 2023 investment.

Marc Cohen, chairman and CEO of Hub, said: “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.”