CORRECTED-UPDATE 2-Hellman & Friedman agrees to acquire Hub in $4.4 bln deal
(In 4th paragraph, corrects to show that Onex Corp bought USI from Goldman Sachs, not that Goldman bought Onex)
* Apax to more than triple its own money on the deal -source
* Apax, Morgan Stanley had taken Hub private for about $2 bln
* Hub sees its 2013 revenue at $1.2 billion
By Greg Roumeliotis and Tanya Agrawal
Aug 5 (Reuters) - Private equity firm Hellman & Friedman LLC has clinched a roughly $4.4 billion deal to take over Hub International Inc, Canada's largest insurance brokerage, from Apax Partners LLP, the firms said on Monday.
Apax, a London-based private equity firm, will realize a profit of more than three times what it had originally invested when it acquired Hub in June 2007, according to a person familiar with the financial terms.
The consortium led by Apax that took Hub private, which included Morgan Stanley and Hub's management, had contributed total equity of close to $700 million as part of the $2 billion deal for Hub at the peak of the buyout boom, the person said.
Hellman & Friedman's deal underscores private equity's strong interest in insurance brokers following KKR & Co LP's $1.8 billion takeover of Alliant Insurance Services Inc from Blackstone Group LP and the $2.3 billion takeover by Onex Corp of USI Holdings Corp from the private equity arm of Goldman Sachs Group Inc last year. Continued...