Apax Partners, the buyout firm and the private equity unit of Morgan Stanley is now in the process of exploring the sale of Hub International, the insurance brokerage firm based out of Chicago. The sale is expected to reach around US $2 billion, according to two individuals familiar with the situation who spoke on condition of anonymity.
Six years ago Apax and Morgan Stanley took Hub International private for the cost of US $1.8 billion including US $145 million in debt. On the reasons why Hub is now being sold, all three firms declined to provide any comment.
According to one of the sources, the owners still have to initiate a sale process for Hub as well as delineate the considerations for its purchase, as it is still the very early stages of the deal.
Hub provides life and non-life insurance as well as employee benefits coverage. It has expanded through acquisitions of 300 insurance brokerages since its establishment in 1998.
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