(Bloomberg) --Hellman & Friedman-backed Hub International Ltd. has raised $1.6 billion in fresh equity in a funding round that values the insurance brokerage at $29 billion.
The round is being led by T. Rowe Price Investment Management Inc., Alpha Wave Global and Temasek, and includes participation from other new and existing investors, Hub said in a
H&F, Hub's majority owner, had been working with Morgan Stanley and Goldman Sachs Group Inc. on the so-called liquid private placement that targeted raising more than $1 billion from long-only institutions and private equity limited partners, Bloomberg News
The round marks the latest increase in Hub's valuation, which stood at $4.4 billion when H&F first invested in the Chicago-based company in 2013. Leonard Green & Partners's minority investment in Hub in 2023 valued the firm at $23 billion.
H&F will retain a controlling interest in Hub, while the company's management team will remain significant equity holders, the statement shows. Atlas Partners and Leonard Green will remain significant minority shareholders with board representation.
Hub was formed in 1998 when a number of Canadian brokerages merged. The company has since made multiple acquisitions and expanded operations into the US. Hub now has more than 19,000 employees across North America and is ranked as the world's fifth largest insurance broker,
