CB Financial sells insurance agency unit to World Insurance for $30.5mn
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CB Financial sells insurance agency unit to World Insurance for $30.5mn

Jairo Ibarra
December 04, 2023
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CB Financial Services has sold its insurance broking arm Exchange Underwriters to World Insurance Associates for $30.5mn in cash and possible additional revenue-based earnout payments.

The valuation represents around 26.08x of the insurance agency’s LTM earnings and 5.11x of its revenue, as of September 30.

CB

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Jairo Ibarra
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