Latest minority investment underscores investor confidence in HUB’s sustained organic growth strategy
Hub International Limited (HUB), the global insurance brokerage and financial services firm, announced today that it has secured a new minority equity investment of approximately $1.6 billion, establishing a total enterprise valuation of $29 billion—the highest valuation to date for a private insurance brokerage.
The investment is led by funds and accounts advised by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, with additional participation from new and existing investors. The transaction is expected to close by the end of May 2025.
Milestone Valuation Driven by Sustained Revenue Growth
The $29 billion valuation marks a significant milestone in HUB’s ongoing expansion, increasing from $4.4 billion in 2013 when Hellman & Friedman (H&F) first invested in the firm. Valuation milestones followed with a $10 billion figure in 2018 when Altas Partners joined as a minority investor, and $23 billion in 2023 after Leonard Green & Partners, L.P. (LGP) entered as another minority stakeholder.
HUB attributes its valuation growth to the quadrupling of its annual revenue—from $1.1 billion in 2013 to $4.8 billion in 2024. The firm’s consistent organic growth, underpinned by net new business generation, M&A integration, cross-selling initiatives, and new digital distribution strategies, has been a key driver of investor interest.
“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.”
Investment to Fund Growth, Not Shareholder Redemptions
The transaction includes an opportunity for liquidity among existing shareholders via HUB’s Liquid Private Placement (LPP) program introduced alongside LGP’s 2023 investment. However, limited selling activity among shareholders has allowed HUB to channel the investment proceeds primarily toward growth initiatives, debt reduction, and general corporate purposes.
Now Fifth Largest Broker in the World
Hellman & Friedman will retain a controlling interest in the firm. HUB’s management team continues to hold a significant equity stake, while Altas Partners and Leonard Green & Partners will remain significant minority shareholders with board representation.
“Our long-term relationship with HUB speaks volumes of the caliber 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 Smith Barney LLC and Goldman Sachs & Co. LLC served as financial advisors to HUB, while Simpson Thacher & Bartlett LLP acted as legal counsel.
