Hub International’s Market-Leading Position Attracts Investment By Leonard Green

CHICAGO, IL - Hub International Limited (HUB), a leading global insurance brokerage, announced today that it has entered into an agreement with Leonard Green & Partners, L.P. (LGP), a Los Angeles-based private equity firm. With a current total enterprise valuation of $23 billion, which represents the largest enterprise value to date for a private insurance broker, HUB expects to receive a substantial minority investment from funds managed by LGP.


HUB's valuation has grown fivefold over the last 10 years. HUB had a valuation of $4.4 billion and annual revenue of more than $1 billion in 2013 when Hellman & Friedman (H&F) initially invested in the broker. In 2018, just 4.5 years later, HUB's revenue exceeded $2 billion and its valuation had grown to $10 billion in connection with Altas Partners' substantial minority investment in the company. In 2022, HUB hit $3.7 billion in annual revenue and is valued at $23 billion today.


"Despite the headwinds of the pandemic, interest rate hikes, and a global economic downturn, HUB has demonstrated its ability to persevere and excel. In the last 4.5, years we've delivered a 2.5 times ROI," stated Marc Cohen, President and CEO, Hub International. "Our relentless focus on investing in boundaryless resources that provide best-in-class advice and solutions for our customers and our dedication to attracting and retaining the best talent in the industry affirms my optimism and energy for the future potential of HUB."


HUB attributes its growth to the ongoing investments it has made in industry and product specialization, digital solutions, brand marketing, broadening of employee benefit and human resources services, expansion into retirement and private wealth, growth in MGA/wholesale capabilities, and most recently expanding complex risk and international solutions. The company will continue investing in these areas as well as new initiatives to reflect the changing needs of our clients. Further, HUB remains bullish on its acquisition strategy and growing its geographic footprint.


Today's announcement also marks HUB's intention to explore bringing on additional minority investors in the coming months. The proceeds of these investments will be used to repurchase equity interests from existing equity holders. H&F will retain a controlling-interest in HUB, while the company's management team will continue to hold a significant equity position. Additionally, Altas will remain a significant minority shareholder and continue to be members of the board. LGP will be joining the board.


"HUB is an exceptional company – a gold-standard specialty-focused insurance broker," said Hunter Philbrick, Partner at Hellman & Friedman. "H&F takes great pride in our long-term approach with the companies we invest in, and it has been a privilege to support HUB's incredible growth journey over almost a decade. HUB is now the 5th largest broker in the world and is growing faster today than at any point in its history. We look forward to continuing our relationship with the company as the largest shareholder, alongside the fantastic teams at Altas Partners and now, LGP."


"HUB is a remarkable business with demonstrated success," said Andrew Sheiner, CEO of Altas Partners. "We are proud to be a part of its incredible journey and look forward to supporting HUB's future success along with our wonderful partners."


"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," said Adam Levyn, Partner at LGP.


The transaction is expected to close in Q3 2023 and is subject to customary closing conditions and regulatory approvals.


Morgan Stanley & Co. LLC is serving as exclusive financial advisor to HUB, Simpson Thacher & Bartlett LLP is serving as legal counsel to HUB, and MarshBerry provided market research assistance to HUB. Barclays acted as exclusive financial advisor and Latham & Watkins LLP as legal counsel, to LGP.


About Hub International

Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 16,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, visit Hub Media Center.


About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.


Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F's defining investment philosophy and approach to sustainable outcomes at


About Altas

Founded in 2012, Altas Partners is a North American private equity firm with a distinctive investment approach focused on selectively acquiring significant interests in high-quality and market-leading businesses with meaningful growth potential. Altas focuses on select sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm's patient investment philosophy, engaged approach to ownership, and flexible time horizon distinguish Altas as a buyer of choice for many management teams and founders. Altas is headquartered in Toronto with another office in New York and manages approximately $10 billion on behalf of leading global institutional and family office investors. For more information, please visit


About LGP

Leonard Green & Partners, L.P. ("LGP") is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit

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