Top insurance brokers, No. 7: Hub International

2025 brokerage revenue: $4.75B
Percent increase: 10.1%

Hub International completed fewer acquisitions last year, but CEO Marc Cohen says the brokerage wants its growth story to increasingly focus on what happens inside the company rather than on the number of deals it closes.

The brokerage completed 49 acquisitions in 2025, down from 61 in 2024 and 65 in 2023. Even with the slowdown, Hub remained among the industry’s most active buyers.

But Mr. Cohen said acquisitions serve a larger purpose.

“M&A is a core competency, but it is not what makes this company great,” he said. “What makes this company great is our organic growth strategies and investments in both people and technology.”

The brokerage increased brokerage revenue 10.1% to $4.75 billion in 2025, slipping one place to No. 7 in Business Insurance’s ranking of the world’s largest brokerages. Gross revenue increased 9.8% to $5.28 billion.

Mr. Cohen said Hub saw “mid-single-digit” organic growth in 2025. He emphasized that the underlying components of that figure are new business generation, cross-selling, client retention and recruiting.

“Every line of business had better sales in 2025 than they did in 2024 against the backdrop of a volatile insurance and economic market,” he said.

In 2025, Hub added approximately 1,600 net new staff through hiring and acquisitions, including more than 350 producers, he said.

Hub’s acquisition slowdown reflects both changing market conditions and the company’s own evolution, said Tim Zawacki, Charlottesville, Virginia-based insurance sector strategist at S&P Global Market Intelligence.

“As the company grows larger, the impact of some of the individual transactions that are in their wheelhouse become less impactful on the overall organization over time,” Mr. Zawacki said.

Its focus on organic growth “makes sense” as the brokerage matures, he said.

While deal activity has moderated, Hub remains somewhat unusual among large brokers because it continues to pursue acquisitions apace while many peers have slowed, according to analysts.

Larger firms increasingly are looking for acquisitions with unique characteristics or strategic value, said Timothy J. Cunningham, managing director at Optis Partners, a Chicago-based investment banking and financial consulting firm.

“The inventory has been depleted somewhat significantly,” he said.

Mr. Cohen echoed that point, saying Hub targets agencies with strong sales cultures, established producers and a history of organic growth rather than pursuing transactions solely for size.

“We really look at M&A as an accelerant for our organic growth,” he said.

Mr. Zawacki said Hub’s durability has distinguished it from some peers.

“When I think about how they’ve been able to succeed, they’ve really stayed true to their knitting and their business plan,” he said. Despite changes in private-equity ownership over nearly two decades, “the core business model has remained intact.”

Last year’s investment transaction in Hub also remains part of the backdrop for its next phase. In May 2025, the brokerage secured a $1.6 billion minority investment led by funds advised by T. Rowe Price Investment Management, Alpha Wave Global and Temasek Holdings, which pushed Hub’s valuation from $23 billion to $29 billion and made it one of the most highly valued private insurance brokerages.

Artificial intelligence is becoming another component of the company’s growth strategy.

Mr. Cohen said Hub has invested in AI technology, including a partnership with Anthropic, and views it as a tool to accelerate growth rather than simply reduce costs.

“We are all in,” he said. “We view AI as a force multiplier, not just an efficiency play.”

Hub’s long-discussed potential initial public offering remains part of the backdrop. In a later emailed statement, Mr. Cohen said the brokerage continues preparing for the possibility.

“We’re going through all the necessary steps so that at, the right time, if valuations are at a place where it makes sense and the board is aligned, we’re prepared to push the go button, if it’s the right thing to do for the company and our shareholders,” he said.

For now, however, Hub wants to be viewed as more than an acquisition machine, he said.

“Our people, our producers and our client-first model generate sustainable organic growth over a long period,” Mr. Cohen said. “That is what makes Hub different.”