The pair picked up Chicago-based Hub in a $1.8bn deal in February 2007, backing it with about $1.7bn of equity and $145m of debt, AltAssets reported at the time.
No sale process has been started yet according to Reuters, which cited two people familiar with the matter.
Hub was formed through the merger of 11 privately-held Canadian insurance brokerages in 1998, and is now organised around large regional hubs with more than 250 satellite offices.
It has bought and integrated about 150 brokerages since being bought by Apax and Morgan Stanley, and launched hubs in Brazil and the Caribbean.
In December 2012 listed Canadian investment firm Onex Corporation completed the $2.3bn purchase of USI Insurance Services alongside the company’s management.
The deal included an equity investment of about $700m from Onex Partners III, in which Onex is a cornerstone investor, the firm said.
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