Hub International recently held a non-deal roadshow with public market investors, as the insurance broker moves closer to a potential IPO, CEO Marc Cohen said.

The Chicago-based insurance broker held around 30 investor meetings over roughly two-and-a-half weeks across New York, Boston, and Baltimore, as well as virtually. The meetings targeted a mix of mutual funds, hedge funds, sovereign wealth funds, and pension investors typically active in public markets, he said.

He described the reception as “very strong” among both existing backers and new investors being introduced to the Hub story.

The roadshow forms part of a broader effort to maintain continuous dialogue with the institutional investor base ahead of a potential listing, allowing investors to familiarize themselves with the company’s strategy and performance profile before any formal IPO process is launched.

Many of the investors engaged were already familiar with Hub, either through prior interactions or existing shareholdings, while others were hearing directly from management for the first time, he said.

“There’s a lot of interest in the organization and a real appreciation of what we control and what we do very well,” Cohen said.

While Hub continues to frame a public listing as an option, Cohen increasingly described access to public markets as the natural next phase of the company’s development.

The private equity-backed firm is now preparing to move toward formalizing its IPO syndicate, with a bank selection process expected to take place in the near term.

A bake-off is to follow “over the next couple of months,” he said.

While it conducts relevant conversations, the firm has not settled on whether they will list on NYSE or Nasdaq, he said.

Hub has continued to build out the infrastructure required for a public listing, including compliance, governance, and communications capabilities.

The company has been working with KPMG and Korn Ferry to support its preparation and has hired Sue Lee, a senior investor relations executive with prior experience at Marsh McLennan, to lead its IR function. “She has the ability to make sure that our story is getting out there to the investment community in a way they can relate to, and that it’s consistently told,” Cohen said.

Hub has also expanded its board as part of its governance build-out, adding two independent directors with insurance industry backgrounds and continuing to assess further additions.

Hub continues to frame a public listing as an option without narrowing down a specific window, but its internal preparation has advanced materially, with the company now working through the final stages of IPO readiness.

This news service previously reported that the company was well-positioned to go ahead with an IPO between 2026 and early 2027.

“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,” Cohen said. No further capital raise is expected before the listing, he added.

Leverage currently sits at around 5x and is expected to be in the 3’s post-IPO, with a path to move to a level consistent with public brokerage peers over time. An IPO represents a key step in that transition.

As part of the IPO plan, the company is also evaluating a predominantly primary offering, with proceeds potentially directed toward further deleveraging. “We are exactly where we want to be today,” Cohen said.

During the recent roadshow, investors focused on three core areas: artificial intelligence, organic growth, and M&A, Cohen said.

Hub has positioned itself as an early mover in AI deployment within the brokerage sector, with a multi-year investment program and a strategic partnership with Anthropic.

The company has developed hundreds of internal use cases and is increasingly leveraging AI for both efficiency and driving revenue.

“We’re doubling down on revenue,” Cohen said, noting that more than 250 producers have already attributed new business wins to AI-enabled insights.

Organic growth remains a central pillar of the investment case, he said. Hub’s acquisition strategy remains focused on smaller, tuck-in transactions designed to support long-term organic growth, with the company continuing to complete around 50 to 55 deals annually.

Targets typically generate between USD 5m and USD 20m in revenue and are expected to become accretive to organic growth within 12 months of integration.

“Our M&A strategy has not changed,” Cohen said. “We only buy firms we believe will be accretive to organic growth.”

Hub was last valued at around USD 29bn in a May 2025 USD 1.6bn common equity transaction; the round was led by T. Rowe Price, Alpha Wave Global, and Temasek.

An IPO could see the valuation stretch toward USD 30bn, as reported.

Hellman & Friedman remains Hub’s majority shareholder, with Leonard Green & Partners joining as a minority investor in 2023 and Altas Partners as a minority investor since 2018. Management maintains a meaningful equity position.