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The US mortgage insurer announced its $1.7bn acquisition of Inigo earlier today. -
The deal becomes part of a wave of carrier dealmaking.
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Sources said the agency first considered a debt raise but recently pivoted to a sale process.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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A process has not been launched and a firm timeline for a liquidity event has not been agreed.
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Tangram will become the inaugural portfolio company of Balavant Insurance.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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This publication reported earlier today of the asset manager’s foray into the MGA space.
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The deal represents a first entry into the US MGA market for the $1.1tn asset manager.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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As part of the transaction, PE firm Atlas Merchant has agreed to sell its interest in MarshBerry.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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