Hub International Achieves US$29 Billion Valuation Following US$1.6 Billion Investment
Hub International Limited, a Chicago-based insurance brokerage firm, has secured a US$1.6 billion minority equity investment, elevating its enterprise valuation to US$29 billion. This valuation marks the highest recorded for a private insurance brokerage. The investment round was 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.
This significant valuation milestone follows a decade of aggressive expansion by Hub International. Since 2013, when private equity firm Hellman & Friedman (H&F) first invested at a US$4.4 billion valuation, the company’s enterprise value has more than sextupled. Notable valuation milestones include reaching US$10 billion following Altas Partners’ 2018 minority stake, US$23 billion with Leonard Green & Partners’ (LGP) 2023 investment, and now US$29 billion.
Over the same period, Hub International’s annual revenue has surged from US$1.1 billion to US$4.8 billion in 2024. Recent strategic acquisitions have played a crucial role in this expansion. In the last month alone, Hub has announced several significant deals, including the acquisitions of DeMarie Insurance, a Florida-based specialist in coastal property and small business coverage; Guru of Insurance, a Texas-based digital insurance agency; and AGP, a commercial lines brokerage with a strong Midwest presence. In Canada, Hub acquired 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. The investment proceeds will be utilized 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) program.
Hub’s current ownership structure remains intact, with H&F retaining controlling interest and Hub’s management holding 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.
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.
