AssuredPartners Inc
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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.
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The move comes less than a year after AssuredPartners’ sale process reached a stalemate.
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Brady Gallagher becomes M&A director for the brokerage’s retail operations.
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Current regional sales leader Weiss will succeed Deal in the role.
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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Hank Dominioni will focus on Hartford, Torrington and greater Connecticut.
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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.
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Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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