PE-backed insurance broker Hub International files confidentially for US IPO

June 26 (Reuters) - 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 Holdings, 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)

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