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updated: 8/5/2013 9:33 AM

Chicago's Hub International passes from one owner to another

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Associated Press

Ownership of the insurance broker Hub International is being passed from one private equity firm to another.

Funds advised by Hellman & Friedman will buy a majority stake of the Chicago company in a deal that values Hub at $4.4 billion.

Hub has been owned since 2007 by Apax Partners, which expanded company operations through acquisitions, including deals in Brazil and Puerto Rico. Hub said Monday that new ownership will allow for continued growth.

Hub's senior managers will keep a "significant" portion of the company's stock, though the company is not releasing specific figures.

The sale is expected to close by the end of the year.

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