Private Equity-Backed Insurance Broker Hub International Files Confidentially for IPO

Private equity-backed insurance broker Hub International announced on Friday that it has confidentially filed for an initial public offering in the United States.

The Chicago-based company was valued at $29 billion in its last funding round in 2025, led by T Rowe Price, Alpha Wave Global and Singapore’s state investor Temasek.

The U.S. IPO market rebounded in April after a brief lull driven by geopolitical tensions, with companies across sectors filing to gauge investor appetite.

Within the insurance sector, brokers have dominated recent listings, accounting for six of the 16 largest IPOs since 2021, led by Ryan Specialty HoldingsRYAN.N, according to S&P Global.

Analysts note that insurance brokers face less volatility than underwriters when going public.

Hub offers property and casualty, reinsurance, life and health, and employee benefits services, with around 21,000 employees across 570 offices in North America, according to its website.

Formed in 1998 through the merger of 11 Canadian brokerages, Hub listed on the Toronto Stock Exchange in 1999 and the New York Stock Exchange in 2002, before being taken private in 2007.

In 2013, private equity firm Hellman & Friedman acquired it in a $4.4 billion deal from Apax Partners and Morgan Stanley.

Confidential filings allow companies to keep their finances under wraps until closer to the listing and prepare for IPOs away from public market scrutiny.

(Reporting by Pragyan Kalita in Bengaluru; Editing by Vijay Kishore)