Hub International Seeks Roughly $3 Billion in IPO Backed by Hellman & Friedman

Insurance broker files confidential paperwork and lines up major banks as it aims to go public potentially this year

Hub International Holdings Inc., an insurance brokerage backed by private equity firm Hellman & Friedman, is pursuing an initial public offering targeting about $3 billion, according to people familiar with the matter. The company filed confidentially in late June and has engaged several major banks to manage the prospective offering. Details, including the overall size and timing, remain subject to change as discussions continue.

Hub International Seeks Roughly $3 Billion in IPO Backed by Hellman & Friedman

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Key Points

Hub International is targeting roughly $3 billion in an initial public offering and filed confidentially in late June.
Goldman Sachs and Morgan Stanley are leading the deal, with Bank of America, Barclays, BMO Capital Markets and JPMorgan also involved.
In May 2025 Hub raised about $1.6 billion in a minority investment that placed its enterprise value at $29 billion.

Overview

Hub International Holdings Inc., the insurance brokerage backed by Hellman & Friedman, is preparing to launch an initial public offering with a target raise of approximately $3 billion, according to people familiar with the situation. The company submitted confidential paperwork in late June and is aiming to complete the listing as soon as this year, those sources said.

Advisors and banking syndicate

Hub has enlisted Goldman Sachs Group Inc. and Morgan Stanley to lead the offering, with additional participation from Bank of America Corp., Barclays Plc, BMO Capital Markets and JPMorgan Chase & Co., the people said. These firms are reported to be working on structuring and marketing the potential deal.

Ongoing discussions and flexibility

People familiar with the matter emphasized that talks are continuing and that particulars of the IPO - including the ultimate size of the offering - could change prior to a public launch. The company’s timeline is therefore not fixed, even as it targets a listing later this year.

Recent financing context

In a separate capital transaction in May 2025, Hub received a minority investment of about $1.6 billion from a group of new and existing investors led by T. Rowe Price Investment Management Inc., Alpha Wave Global and Singapore state investor Temasek. That financing valued the firm at an enterprise value of $29 billion, according to a statement issued at the time.

Implications for markets and sectors

The prospective IPO and the financing activity underscore interest in large insurance brokers from both private investors and major investment banks. The developments are relevant to participants across insurance, financial services and capital markets who monitor transactions involving brokerages and their backers.

Clear summary

Hub International, backed by Hellman & Friedman, has filed confidential IPO paperwork and is targeting about $3 billion in proceeds, with leading global banks engaged on the transaction. The May 2025 minority investment of roughly $1.6 billion valued the company at a $29 billion enterprise value. Discussions remain active and details could be adjusted.

Risks

Discussions over the IPO are ongoing and details such as the offering size could change, creating uncertainty for timing and proceeds - this impacts capital markets and underwriting activity.
Although the company is targeting a public listing as soon as this year, the timetable is not fixed and may shift - this introduces execution risk for investors and advisors.
The participation and structure of the banking syndicate and investor base remain subject to change while negotiations continue, which could alter deal dynamics for financial services stakeholders.

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Hub International Seeks Roughly $3 Billion in IPO Backed by Hellman & Friedman

Key Points

Risks

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