(Reuters) - Insurance broker Hub International said on Monday it has secured a $29 billion valuation in a minority investment transaction of about $1.6 billion.

The investment is led by funds and accounts advised by T. Rowe Price Investment Management, Alpha Wave Global, and Temasek, along with participation from other investors.

The company's valuation is an increase from $23 billion in 2023, when Leonard Green & Partners L.P. announced a minority investment.