Author: SRN News

By Arasu Kannagi Basil and Pritam Biswas

(Reuters) -Hub International has raised nearly $1.6 billion in a funding round that valued the Hellman & Friedman-backed insurance broker at $29 billion and was led by T Rowe Price, Alpha Wave Global and Singapore’s state investor Temasek.

The investment, however, could push back any plans for a potential return to the public market, underscoring a trend where several companies are delaying their flotations to avoid regulatory demands with the help of ample private capital.

Such deals allow buyout firms to retain their portfolio companies longer while widening the investor base.

Hub, acquired by H&F in a $4.4 billion deal in 2013, said on Monday it does not expect to use the proceeds to meet redemption requests for investors. The $29 billion is the largest enterprise value for a private insurance broker, it said.

“A $29 billion valuation in this environment tells you investors are betting on future consolidation and growth. It also puts Hub in a strong position if they decide to revisit public markets,” said NMS Capital Group CEO Trevor Saliba.

The Chicago, Illinois-based insurance brokerage was valued at $23 billion in 2023. Formed in 1998 by merging 11 Canadian brokerages, Hub listed on the Toronto Stock Exchange in 1999 and the New York Stock Exchange in 2002, before being taken private in 2007.

Hub follows a playbook common in many partnerships between private equity and insurance players. Backed by well-funded private firms, it has completed several “roll-up” acquisitions to consolidate its presence in a fragmented market.

“A deal like this doesn’t happen unless there’s real conviction behind the model. This shows there’s still deep appetite for scaled broker platforms,” Saliba said.

Since Hub’s acquisition by H&F, its annual revenue has grown more than fourfold. The company focuses on middle- and upper-middle-market clients.

H&F will retain a controlling interest in Hub. Morgan Stanley and Goldman Sachs advised Hub on the transaction.

(Reporting by Arasu Kannagi Basil, Pritam Biswas and Niket Nishant in Bengaluru; Editing by Tasim Zahid and Shilpi Majumdar)

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By Ragini Mathur

(Reuters) -Canada’s main stock index rose on Tuesday, as investors took a breather after the previous session’s decline that was triggered by U.S. President Donald Trump’s recent attacks on Federal Reserve Chair Jerome Powell.

The Toronto Stock Exchange’s S&P/TSX Composite Index rose 1.2% to 24,285.17 points, its highest level since April 3.

However, investors remained concerned about a market turmoil if Trump followed through on his threats to fire Powell, analysts said.

The TSX fell 0.7% on Monday, reflecting the stress in global markets, as the unprecedented move, if it happened, was seen undermining the Fed’s independence and inflation-fighting credibility.

“The bigger picture is markets are still quite concerned about the degree of uncertainty both around U.S. trade policy as well as monetary policy,” said Douglas Porter, chief economist at BMO Capital Markets.

“But Canada actually is seen as a little bit of a safer place to invest these days with a little bit less uncertainty than what we’re seeing out of the U.S.”

Including Tuesday’s moves, the TSX shed 1.7% in 2025, compared with 10.8% downfall on S&P 500 in the U.S.

On Tuesday, all major sectors traded in the green.

The healthcare sector was the top gainer with a 3.6% and was set to recoup the 4% loss on Monday.

Bausch Health Companies topped the benchmark index with a 9% jump after the pharmaceutical firm said billionaire Carl Icahn has a total economic exposure of about 34% to the company’s common shares. The stock had fallen 8% on Monday.

Energy shares climbed 1.9% as oil prices bounced back on Tuesday.

Heavyweight financials were also up 1.5%.

Looking ahead, Canadian retail sales data on Friday will offer insights into consumer spending patterns amid the uncertainty around U.S. tariffs.

This is also the final week of campaigning before Canada’s election on April 28, with Prime Minister Mark Carney maintaining his lead in the polls, pledging on a new economic order that is less reliant on the U.S.

(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)

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(Reuters) – Canada’s main stock index opened lower on Monday, dragged by losses in energy shares, while U.S. President Donald Trump’s renewed criticism of Federal Reserve Chair Jerome Powell raised concerns about the central bank’s independence and exacerbated risk-off sentiment.

At 9:32 a.m. ET (1332 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 0.3% at 24,133.46 points.

(Reporting by Ragini Mathur in Bengaluru; Editing by Leroy Leo)

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