HUB International, a global insurance brokerage firm headquartered in Chicago, has secured a landmark $1.6bn minority equity investment, pushing its valuation to $29bn, the highest valuation ever recorded for a privately held insurance broker.
The sizeable round is being led by funds and accounts advised by T. Rowe Price Investment Management, along with Alpha Wave Global and Temasek, according to InsurTech Insights.
Both new and existing institutional investors participated in the round, reflecting continued strong appetite for HUB’s growth trajectory.
HUB International, known for its extensive suite of insurance and risk management services, has grown rapidly into one of the world’s top five insurance brokers.
With a core focus on serving the middle market, the company has leveraged a blend of strategic acquisitions and organic growth to become a dominant force in the InsurTech sector.
The newly raised capital will fuel HUB’s ongoing growth strategy, including further acquisitions, repayment of debt, and general corporate purposes.
This investment also builds on the firm’s Liquid Private Placement initiative launched in 2023, which was designed to provide periodic liquidity opportunities to shareholders.
The company has witnessed extraordinary valuation growth over the past decade. Hellman & Friedman (H&F) first invested in HUB in 2013 when it was valued at $4.4bn.
The valuation jumped to $10bn in 2018 following Altas Partners’ entry and later rose to $23bn in 2023 when Leonard Green & Partners (LGP) acquired a minority stake. Over the same period, annual revenues surged from $1.1bn in 2013 to $4.8bn in 2024.
“This transaction is another milestone in HUB’s long-term commitment to strategic growth,” HUB International CEO Marc Cohen said, “Our focus on middle market specialisation, innovation, and M&A has delivered strong organic performance and a differentiated client offering.”
The capital injection primarily serves as primary capital rather than secondary redemption, as there was limited interest from existing shareholders to sell their equity. H&F will retain controlling interest in the company, with HUB’s management continuing to hold substantial equity. Altas Partners and LGP also remain minority shareholders and will keep their board representation.
“Our long-standing relationship with HUB reflects the caliber of the organization,” Hellman & Friedman partner Hunter Philbrick said. “As the world’s fifth-largest broker and a middle market leader, HUB’s focus continues to drive exceptional growth.”
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