Investing.com -- Hub International Ltd., backed by Hellman & Friedman (H&F), has successfully raised $1.6 billion in a new round of equity funding. The insurance brokerage is now valued at $29 billion following this latest round.

T. Rowe Price Investment Management Inc., Alpha Wave Global, and Temasek led the round. Other new and existing investors also participated, according to a statement released by Hub on Monday.

This funding round signifies another rise in Hub’s valuation. The company was valued at $4.4 billion when H&F initially invested in 2013. The current valuation marks a significant increase in the company’s worth over the past twelve years.

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