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 E
xchange 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.
A pressure ulcer slowly tore open a hole in the skin over Sam Frank Ray’s tailbone, leaving his raw b
one exposed over weeks to the infection that eventually killed him, according to a lawsuit his family filed late last year.
Watch More Image Part 2 >>>
Bedsores, the byproduct of cut-off blood circulation when the body lies still in one position for too l
ong, are considered highly preventable injuries. They can be avoided by repositioning an immobilized person once every two hours. But they can turn lethal if they’re allowed to progress.
Ray’s lawyers say he was left in the same position through 33 separate eight-hour shifts in September 2024. Staff failed to reposition him and take him to the toilet, instead directing him to use adult diapers and await being changed, likely increasing his infection risk, the lawsuit alleges.
Ray’s family didn’t know anything was wrong until he was hospitalized as the infection spiraled out of control, according to Michael Hill, a lawyer representing Ray’s family. The family’s lawsuit against the Arbors at Sylvania, in Toledo, is pending.
“It’s a catastrophic situation at that point. And he passes away,” Hill said in an interview. “It’s one of those things where he should have never gotten a bedsore to begin with.”
The lawsuit Hill filed notes Ray’s death is similar to that of a woman named Lucy Garcia, a patient at the Arbors at Oregon, a nearby nursing home in the same chain. A lawsuit filed by her estate said the same thing happened there, with an infected bedsore leading to her death in July 2024.
