Insurance Broker Hub International to Be Acquired in $4.4 Billion Deal

Hellman & Friedman LLC has agreed to buy Hub International Inc. in a transaction that values the insurance broker at about $4.4 billion, Bloomberg News reported.

Funds managed by Hellman & Friedman will own a majority stake, while management of Chicago-based Hub will maintain a “significant equity position,” the broker said in a statement.

Hub, which offers truck insurance among its services, is not affiliated with third-party logistics and intermodal firm Hub Group, also based near Chicago.

The deal is the largest takeover of a U.S. insurance broker on record, according to data compiled by Bloomberg.

Hellman & Friedman, San Francisco, was started in 1984 and is led by Philip Hammarskjold. It was founded by Warren Hellman, who died in 2011, and Tully Friedman, who runs Friedman Fleischer & Lowe, a San Francisco-based investment firm, Bloomberg reported.