Hub International Secures $1.6 Billion Investment

Hub International Limited (HUB), a prominent global insurance brokerage and financial services firm, has announced a significant minority common equity investment of $1.6 billion. This latest round of investment involves major players such as T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, boosting HUB's valuation to an impressive $29 billion. Over the years, HUB's valuation has seen a steady rise, growing from $4.4 billion in 2013 to $10 billion in 2018, then to $23 billion in 2023, and now reaching $29 billion, making it the highest enterprise value achieved by a private insurance broker to date. The increasing valuation correlates with HUB’s significant annual revenue growth from $1.1 billion in 2013 to $4.8 billion in 2024. The bolstered valuation exemplifies continued investor confidence in HUB's scalable, profitable, and organically growing business model which emphasizes serving middle and upper-middle-market clients. HUB's distinct middle-market experience is set to bring about further differentiation and expertise, alongside continued investments in innovation and strategic M&As. Leonard Green & Partners, L.P. (LGP), Altas Partners, and Hellman & Friedman (H&F) have continued roles, with H&F retaining a controlling interest. The move aligns with HUB's strategy of reinforcing its equity base to support growth initiatives such as acquisitions and innovations. Morgan Stanley and Goldman Sachs acted as financial advisors, and Simpson Thacher & Bartlett LLP as legal counsel in this transaction, which is expected to conclude by May 2025.