Hub International Limited said Monday it has entered into anagreement to be acquired by funds advised by Hellman &Friedman, in a deal that values the insurance brokerage at $4.4billion.

According to Bloomberg, the deal would be the largest takeoverof a U.S. insurance broker on record.

The acquisition of the leading global insurance brokerage wouldallow Hub to enhance its product and service capabilities andexpand its geographic footprint, Hub executives said.

“By aligning our company with Hellman & Friedman, we arepositioning Hub International for continued growth and successwithin our industry,” Martin Hughes, chairman and CEO of Hub, saidin a statement.

In the deal, Hellman & Friedman investment funds would holda majority interest in Hub while senior management at Hub wouldcontinue to hold a significant equity position.

Hub’s “growing market footprint and capabilities will allow itto capitalize on significant opportunities,” David Tunnell, amanaging director at Hellman & Friedman, said in thestatement.

Hub said it projects 2013 revenue of roughly $1.2 billion, afterthe annualized impact of acquisitions.

The Chicago-based Hub provides property and casualty, life andhealth, employee benefits, investment and risk management productsand services. It has more than 6,500 employees in the U.S. Canadaand Brazil.

Hub has been a significant player in the M&A game: It hasgrown through 300 acquisitions of insurance brokerages since itsinception in 1998, according to the company’s website.

The deal is expected to close before the year’s end.