AJ Gallagher
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added. -
The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’
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But forecasts of slowing growth in recent years have been too pessimistic – and uncertainty remains.
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Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said.
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Sonville’s hire was reported by Insurance Insider US last week.
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Sources said the executive will join AJ Gallagher in a regional leadership position.
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The pair will lead crisis management and financial lines, respectively.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
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The executive said the combined entity could execute 100-110 tuck-in M&A deals a year.
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The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
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The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
