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The industry is mostly reluctant to raise capital with high interest rates, except for brokers. -
The executive will assume the position today, working with Troy Cook on a transition plan.
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Sources said the deal between the PE firms valued the broker at in excess of 16x Ebitda, or $4bn+.
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Paul Davies has been with the broker for more than 36 years.
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Reinsurers were more willing to support lower layers ahead of July 1, the broker said.
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He replaces Stephen Hackenburg, who was promoted to property and casualty leader for commercial risk NA.
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Insurance Insider US recently revealed the parties were in advanced sale talks.
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Randy Stanco, Sarah Freitag and Meredith Sachs-Swisha join Aon’s new talent committee.
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Mary Russell has been with Higginbotham for over 34 years.
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She succeeds Robert Broz, who will continue at IMA as a producer.
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Carriers believe price and exposure adequacy is on the horizon.
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Insurance Insider US revealed last October that the broker was planning a 2024 IPO process.
