Hub International Limited said Monday it has entered into an agreement to be acquired by funds advised by Hellman & Friedman, in a deal that values the insurance brokerage at $4.4 billion.
According to Bloomberg, the deal would be the largest takeover of a U.S. insurance broker on record.
The acquisition of the leading global insurance brokerage would allow Hub to enhance its product and service capabilities and expand its geographic footprint, Hub executives said.
“By aligning our company with Hellman & Friedman, we are positioning Hub International for continued growth and success within our industry,” Martin Hughes, chairman and CEO of Hub, said in a statement.
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In the deal, Hellman & Friedman investment funds would hold a majority interest in Hub while senior management at Hub would continue to hold a significant equity position.
Hub’s “growing market footprint and capabilities will allow it to capitalize on significant opportunities,” David Tunnell, a managing director at Hellman & Friedman, said in the statement.