Hub International Aims for $3 Billion IPO

Hub International is preparing for an initial public offering (IPO) of approximately $3 billion, which could launch as soon as this year, according to a report by Bloomberg. The Hellman & Friedman-backed insurance broker filed confidentially for the listing in late June, with plans to use the proceeds for general corporate purposes, including debt repayment.

The company, which was formed in 1998 through the merger of 11 Canadian brokerages, has around 21,000 employees across 570 offices in North America. Hub International provides property and casualty, reinsurance, life and health, and employee benefits services.

According to the report, the company is working with Goldman Sachs Group and Morgan Stanley on the offering, with Bank of America, Barclays, BMO Capital Markets, and JPMorgan also involved. The report noted that discussions are ongoing and details, including the size of the deal, could change.

In May 2025, Hub secured a minority investment of around $1.6 billion from a group of new and existing investors led by T. Rowe Price Investment Management, Alpha Wave Global, and Singapore state investor Temasek, at an enterprise value of $29 billion.

The offering would add to a series of private equity-backed listings during what Bloomberg-compiled data shows is the best half-year on record for US IPOs. Hub would be among large private equity-backed candidates in the listing pipeline after what the report described as a relatively quiet period for large IPOs in recent years.

Earlier this week, Csquare, a Brookfield-backed data centre company, began marketing an IPO that could raise as much as $1.35 billion. Last week, Jersey Mike's Subs, backed by Blackstone, and Cumberland Farms, backed by TDR Capital, both filed publicly for share sales.

Hub was formed in 1998 through the merger of 11 Canadian brokerages. It listed on the Toronto Stock Exchange in 1999 and on the New York Stock Exchange in 2002. In 2007, the company was taken private after Apax Partners and Morgan Stanley agreed to acquire it when its market capitalization had exceeded $1 billion. Hellman & Friedman acquired Hub from those owners in 2013 in a $4.4 billion transaction.

The company's plans for the IPO come as the US IPO market has seen a resurgence in activity, with several large deals announced in recent weeks.

In conclusion, Hub International's IPO plans are a significant step for the company's growth and expansion strategy. However, the success of this endeavor will depend on various factors, including market conditions and investor sentiment.