HUB International, a leading North American insurance brokerage that provides employee benefits, business, and personal insurance products and services, has secured a $1.6 bn minority equity investment, increasing its valuation to $29 bn—the highest ever recorded for a privately held insurance broker.
The investment is led by funds and accounts managed by T. Rowe Price Investment Management, Alpha Wave Global, and Temasek, with additional contributions from both new and current institutional investors.
The funds will support HUB’s expansion plans, including acquisitions, debt reduction, and general business operations.
Since 2013, HUB’s valuation has grown significantly. It rose from $4.4 bn when Hellman & Friedman (H&F) first invested, to $10 bn in 2018 following Altas Partners’ entry, and then to $23 bn in 2023 with a minority investment by Leonard Green & Partners (LGP).
Annual revenue grew from $1.1 bn in 2013 to $4.8 bn in 2024, reflecting HUB’s growing influence in the insurance sector.
Marc Cohen, Chairman and CEO of HUB, noted that the deal marks continued progress in the firm’s long-term expansion strategy, supported by a focus on middle market clients, innovation, and acquisitions.
This transaction is another milestone in HUB’s long-term commitment to strategic growth. Our focus on middle market specialization, innovation, and M&A has delivered strong organic performance and a differentiated client offering.
Marc Cohen, Chairman and CEO of HUB International
The transaction is linked to HUB’s Liquid Private Placement, launched in 2023 with LGP’s involvement, which offers liquidity options for shareholders. Due to limited interest in selling by current investors, most of the funds from this round will serve as primary capital.
H&F retains controlling interest, while HUB’s management continues to hold significant equity. Altas and LGP remain minority shareholders with representation on the board.
Hunter Philbrick, Partner at H&F, stated that HUB’s performance as the fifth-largest broker globally and its leadership in the middle market are key drivers of its sustained growth.
HUB also announced the acquisition of the assets of FGLP Equity Partners, LLC, operating as Demarie Insurance Agency.
Based in Louisiana and founded in 1973, Demarie offers commercial and personal insurance solutions. The team, led by Aric Pohorelsky, will join Hub Gulf South.
Shaun Norris, President of Hub Gulf South, commented that Demarie Insurance’s capabilities will strengthen HUB’s client services and regional presence. Pohorelsky added that the move would enable access to HUB’s broader resources and expertise, improving client outcomes.
In a separate development, HUB acquired the assets of Allegiant Global Partners (AGP), a consulting firm based in Massachusetts.
AGP focuses on international health, welfare, and risk services for global employers. It primarily serves NGOs, higher education institutions, and nonprofit organizations.
Linda Keller, National COO and Practice Leader for Employee Benefits at HUB, emphasized that AGP will improve HUB’s ability to serve clients with international benefit needs.
AGP Founder and CEO Jay Bride, President Denis Guay, and the full team will join HUB’s National Employee Benefits and New England divisions. Bride highlighted that joining HUB brings additional resources to serve existing and future clients.
The AGP acquisition supports HUB’s goal to grow its employee benefits segment through targeted deals and increased specialization.
