Insurance broker Hub International announced on Friday that it has confidentially filed for an initial public offering in the United States, marking a major step toward going public for the Chicago-based company valued at $29 billion in its last funding round.
The confidential filing represents a formal submission to the Securities and Exchange Commission and allows Hub to proceed with IPO preparations while keeping deal terms private until closer to a potential market launch. Hub International is a leading North American insurance brokerage providing employee benefits, business, personal, and property casualty insurance products and services.
Hub’s valuation has grown sharply since private equity firm Hellman & Friedman acquired the company in 2013 for approximately $4.4 billion. The most recent funding round, which closed in May 2025, valued the company at $29 billion—a roughly 6.6x increase over thirteen years—and included a $1.6 billion minority equity investment led by T Rowe Price Investment Management, Alpha Wave Global, and Singapore’s state investor Temasek.
The filing comes as the IPO market has gathered significant momentum. In 2025, the U.S. IPO market delivered its strongest performance since 2021, with total proceeds reaching $47.4 billion, according to EY, significantly higher than the $33 billion raised in 2024. That resurgence has created favorable conditions for large, high-profile offerings heading into 2026.
Hub’s CEO Marc Cohen said in June 2025 that the company expected to be operationally ready for a listing by late 2026 or early 2027. The confidential filing signals the company is moving forward with those plans. A confidential filing allows Hub to test investor appetite and refine its prospectus before making formal public disclosures required for a traditional IPO roadshow.
For insurance brokers, the IPO path has proven less volatile than for other sectors, according to market analysis. Hub’s filing represents a significant exit opportunity for Hellman & Friedman and its co-investors, who have grown the firm through organic expansion and strategic acquisitions over more than a decade of private ownership.
Sources
- Reuters — Hub International’s confidential IPO filing announcement on June 26, 2026, company valuation at $29 billion, and 2013 Hellman & Friedman acquisition details
- EY — 2025 U.S. IPO market performance data: $47.4 billion in total proceeds
- ION Analytics — CEO Marc Cohen’s statement on IPO readiness timeline (June 2025)
- Hellman & Friedman press release — May 2025 minority equity investment details and $1.6 billion investment amount
