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News Insurance broker with big Texas presence sold

Insurance broker with big Texas presence sold

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.


Chicago-based Hub International Limited (Hub), a global insurance brokerage with a large presence in Fort Worth and Texas, has entered into an agreement to be acquired by private equity investment firm Hellman & Friedman LLC. The transaction values Hub at approximately $4.4 billion.

Under the terms of the agreement, investment funds managed by Hellman & Friedman will hold a majority interest in the company, while members of Hub’s senior management will continue to have a significant equity position. The primary seller is Apax Partners, the private equity fund that took Hub private in 2007 for approximately $1.8 billion.

Hub has more than 6,500 employees in the US, Canada and Brazil. Hub is expected to have 2013 revenue of about $1.2 billion after the annualized impact of acquisitions, according to a news release from Hub. HUB International’s presence in Texas covers Fort Worth, Dallas, Houston and El Paso as well as a transportation industry specific operation in San Antonio. The Hub International Texas presence is the successor firm to the Wm. Rigg Group, which was founded in Fort Worth in 1895 and sold to Hub in 2007.  Hub is now one of the largest insurance brokerages in Texas for property and casualty, employee benefits, personal insurance, and consulting services.

“This transaction represents an excellent opportunity for the clients of Hub Texas as it will give us access to additional resources to expand the services that we can provide. This is a perfect match,” said William Meadows, chairman emeritus of Hub Texas.

Hub’s chairman voiced a similar view. 

  “Partnering with Hellman & Friedman will enable us to build upon our current strategy of enhancing our product and service capabilities and expanding our geographic footprint,” said Martin Hughes, Hub chairman and CEO, in a news release. The transaction is subject to customary closing conditions and is expected to be completed before the end of 2013. The company’s existing debt arrangements will be replaced at closing with new debt financing that has been committed by BofA Merrill Lynch, Morgan Stanley Senior Funding Inc. and RBC Capital Markets. BofA Merrill Lynch, Morgan Stanley & Co LLC and Stephens Inc. are providing financial advice to Hub and Apax.  

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