Hub International Ltd. is being sold to Hellman & Friedman LLC in a deal that values the insurance brokerage at $4.4 billion, a move it says will allow it to enhance its product and service capabilities and expand its geographic footprint.Under the terms of the agreement, investment funds managed by Hellman & Friedman will hold a majority interest in the company, while members of Hub's senior management will continue to have a significant equity position.
Hub-which has more than 6,500 employees in the U.S. Canada and Brazil-is expected to report 2013 revenue of about $1.2 billion, after the annualized impact of acquisitions.
The deal is expected to close before the year's end.
Buyout firm Apax Partners and Morgan Stanley took the company private for $1.8 billion, including $145 million of debt, in 2007.
Based in Chicago, Hub provides property and casualty, life and health, employee benefits, investment and risk management products and services.
Earlier this year, Hub acquired the assets of Shreveport, La.-based employee benefits brokerage firm Benefit Concepts Inc. for an undisclosed amount.