Hellman & Friedman LLC, the buyout firm co-founded by Warren Hellman (pictured), agreed to buy Hub International Inc. in a transaction that values the insurance broker at about $4.4 billion.

The deal is the largest takeover of a U.S. insurance broker on record, according to data compiled by Bloomberg. Funds managed by Hellman & Friedman will own a majority stake, while management of Chicago-based Hub will maintain a “significant equity position,” the broker said in a statement today.

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