Hub International

Inside P&C revealed in late March that Leonard Green was one of the two remaining parties in the process, with an enterprise value of under $25bn, based on bids of ~16x just under $1.5bn of Ebitda.

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Both of them bring decades of experience in the private client industry.

Other names believed to have looked at the asset include CD&R, CVC and Hg, as the process reaches its latter stages.

Need to Know

American insurance broker Hub International is working with investment bank Morgan Stanley to sell a minority stake in itself in a $25 billion deal.

Need to Know

Need to Know

Sources said the Chicago-based retail broker is in the preliminary stages of work with the intention of securing an investment later in the year.

Mule will work alongside Mary-Beth Hahn, who joined Hub in 2021 as complex risk practice leader.

Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.

The proposed change could disrupt M&A at brokers, shift the calculus in favor of team lifts and dial up C-suite focus on becoming an employer of choice.