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AssuredPartners News from Insurance Insider US
AJ Gallagher expects to complete the $13.5bn acquisition of AssuredPartners in Q1.
The appointment comes a month after AP’s $13.5bn sale to Gallagher.
The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
If the deal is finalized, it will represent the largest in the acquirer’s history.
This follows yesterday’s appointment of Sean Smith as company president.
This publication previously revealed that private equity firm GTCR was seeking to place the broker into a continuation vehicle.
The move comes less than a year after AssuredPartners’ sale process reached a stalemate.
Brady Gallagher becomes M&A director for the brokerage’s retail operations.
Current regional sales leader Weiss will succeed Deal in the role.
Challenges include integration, delevering, winning staff over and building a compelling equity story.
Hank Dominioni will focus on Hartford, Torrington and greater Connecticut.
The firm may be a victim of its own success and size but a challenging macro landscape is also presenting obstacles for levered brokers as The Squeeze 2.0 looms.
Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
Sources said the mid-market retailer has retained Morgan Stanley and Goldman Sachs to advise, and is open both to PE suitors and trade bidders.
The question of how to finance the private brokers no longer begins and ends with a PE flip.
The companies filed the motion with prejudice, barring them from bringing the same arguments to another US court in the future.
Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
The proposed change could disrupt M&A at brokers, shift the calculus in favor of team lifts and dial up C-suite focus on becoming an employer of choice.
A tougher environment for debt financing and a potential recession will reverse some of the remarkable tailwinds of recent years.
The broker continues its growth plan with a new specialty, wholesale and program administration company.
Following the deal, Fred Church’s staff of 160 employees will remain operating under the leadership of president and chairman Mike Reilly.
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