M&A
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Sentry announced its $1.7bn acquisition of The General last week.
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Ethos’ transactional liability MGU is not included in the deal.
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The investment will be used to expand its product portfolio and continue global expansion.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The deal marks Sentry’s largest transaction in its 120-year history.
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Altas joins current investors Carlyle and Stone Point Capital.
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Westaim reported roughly $79mn in net proceeds from the sale.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.
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The choice to build a reinsurance unit at arm’s length alleviates some financial strain.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The two parties are targeting a launch by the end of the year, with scope for WTW to buy the start-up at maturity.
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Zaffino said the divested crop and travel businesses needed scale to be more profitable.
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The deal helps boost Davies’ growth across North America and Canada.
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The transaction complements its previous acquisition of RMS in 2021.
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The acquisition marks Bishop Street’s entry into commercial lines.
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The take-private is expected to close by mid-2025.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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In connection with the transactions, Conifer CEO Nick Petcoff resigned from the position.
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The underwriting units produced revenue of $11mn in the year to June 30.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage.
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The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
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Deal sizes also remain high, with EVs in July averaging over $440mn.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Current backer CIVC will retain a minority stake in Y&A alongside management and staff.
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The company still has ambitions to sell the business.
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Competition is high and rates remain under pressure.
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Mexico City-based Ant was founded in 2019 by Alejandro Cabrera.
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Rusas and Miraglia will grow Alliant’s M&A nationwide.
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The Houston, Texas-based program manager will join Ryan Specialty’s healthcare MGU Sapphire Blue.
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Mainsail offers 17 lines of insurance including auto, property and commercial coverage.
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The news team runs you through this week’s key M&A deals.
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Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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Travelers now holds around 6.2% of Fidelis, down from over 7.2%.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Palomar acquired FIA for 1.7x closing book value to enter the surety market.
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The wholesaler is shifting its business mix towards delegated underwriting, which should help sustain growth.
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Quintes' revenues for 2025 are projected in the $110mn-$120mn range.
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Brady Gallagher becomes M&A director for the brokerage’s retail operations.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Index members took over 242 agencies in the first half of 2024, down from 260 a year ago.
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The acquisition includes up to $400mn of performance-based contingent considerations measured through 2026.
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The announcement confirms news this publication revealed in July.
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Mark Lange, chief middle-market executive, will oversee the new businesses.
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Markel acquired 98% of Valor last month and has the option to buy the remaining equity stakes.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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The judge relied heavily on a previous UK court decision.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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Quintes will continue to be led by Gijsbert van de Nieuwegiessen, CEO and founder.
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The carrier recognized a goodwill of $256mn and intangible assets of $39mn from the transaction.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The investment will be used to scale operations and extend its presence in key international markets.
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CFO Doug Howell said the company has invested around $700mn in M&A this year.
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Piper Sandler has been retained to advise the board as it seeks a new institutional backer.
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Sources said that Deloitte was retained to run the strategic process for the Texas-based business.
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Both parties expect to close the transaction on August 1, 2024.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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M&A activity rose 11.8% YoY to 303 transactions in H1 from 271 deals in the prior year period.
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US Assure has been exploring a potential sale through a narrow process run by Dowling Hales.
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PE investors have made 60% to 80% of the deals per quarter since 2017.
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Conditions are coalescing for an uptick in carrier M&A after many subdued years.
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It is understood that the brokerage is working with external consultants and is open to a sale, JV or other options.
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Longstanding investor Stone Point will continue as a partner and board member.
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Broking multiples remain firm despite high interest rates and a recent deceleration in organic growth.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Steadfast, AUB and BMS have joined the top 20.
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Horton provides insurance services across Indiana, Illinois, Wisconsin, Minnesota and Florida.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The data point suggests that some multiple compression is evident in US broking.
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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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It is understood that the goal is to use a capital injection to form a reciprocal.
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Insurance Insider US recently revealed the parties were in advanced sale talks.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The transaction with Enstar covers $234mn of net Accredited reserves.
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The liquidators were confirmed at a hearing in Bermuda yesterday.
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The executive gave his view on the (re)insurance landscape and the impact of PE on the sector.
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This publication reported yesterday that the two carriers were nearing a deal.
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The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
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The Bermuda courts will assess Onex’s lower, revised offer for the fronting unit.
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A deal would mark Amwins’ second LatAm sale, after Lockton acquired THB Brazil last May.
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Ryan Specialty CEO Pat Ryan opened the event, which was held last week in New York.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Scale, diversity and specialization are three main reasons brokers consolidate.
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KAP has struck a deal to acquire Keystone Insurers Group – its affiliated agency network – for less than $100mn.
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Last year, PwC reported that dealmaking decelerated to 194 transactions valued at $7bn.
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The agency will keep the review open until the company’s sale completes.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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In January, this publication revealed that the Southern retailer retained Piper Sandler to run an auction to bring in a new PE investor.
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The business – which writes professional liability, excess casualty and property - was marketed by investment bank RBC.
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Both businesses are led by former Universal Insurance Holdings CEO Bradley Meier.
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The acquisition allows AM Specialty to expand its E&S offerings.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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The broker could bring in a new backer to take out as little as ~10% of shares in a tidying-up exercise.
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Sources said that Evercore has been retained to run the strategic process for the ~$550mn Ebitda business.
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Analysis of company performance post-IPO shows varying trajectories over time
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The acquisition expands Doxa’s mental health and wellness presence.
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The company now owns around 48.35% of Corebridge Financial’s stock.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The buy-side mandate has been awarded to Morgan Stanley and Bank of America.
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The company writes roughly $300mn with Ebitda of roughly $30mn.
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This is Chubb’s second MGA deal in the past few months.
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Ambac also announced it was selling its financial lines book to Oaktree for $420mn.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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The deal represents 4x of the broker's 2023 revenues and 24x of its after-tax earnings.
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The insurer appointed industry veteran Tim Martin as surety division president.
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The firm’s underwriting performance is hard to piece together from the limited available data.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The broking team led by Christian Warrener is expected to join Oneglobal as part of the deal.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The start-up's founder set out the new broker’s strategy, M&A goals and structure.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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Reid spoke about M&A, organic growth, remaining an employee-owned private firm and the expected disruption in US broking.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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The deal represents a major milestone in AIG’s repositioning as a pure-play P&C insurer.
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Deal volume for Q1 decreased to 111 transactions from 116 last year.
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The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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The firm will no longer have to compete with one hand tied behind its back.
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The business has ~$200mn of Ebitda, pointing to a likely multi-billion enterprise value.
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The vehicle will give the legacy carrier a US platform.
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Paragon co-CEOs James Kalbassi and Tara Falk will become Ardonagh shareholders.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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The business consists of the workers’ compensation book and auto casualty bill review solutions.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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This was Gallagher’s largest Q1 deal, followed by $66.6mn for Ericson Insurance.
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The discussions come as the region has seen increased M&A activity in recent years.
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The 100% equity award will vest in full after five years.
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Avoiding an antitrust fight aids execution, but creates uncomfortable optics around the multiple paid.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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Aon will provide further updates on NFP and deal financials, on its earnings call tomorrow.
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The carrier will reassess the market in the fourth quarter, or early in 2025.
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The financing was oversubscribed, with strong demand from new and existing lenders.
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The transaction value represents approximately 5.9x of its 2023 revenue and 28x net income.
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This marks the fifth consecutive quarter of deal volume below the long-term trend line.
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The deal cleared a major antitrust hurdle two months ago.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Flexpoint secured a higher sum-of-the-parts valuation by facilitating the break-up.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms".
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Will Arch’s new acquisition be another success story, or more trouble than it’s worth?
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Earlier this week, this publication revealed that Axis and Accelerant will support the recently launched MGA.
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Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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The MGA platform has been under auction since last year.
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GeoVera’s UW operations go to SageSure, while its insurance companies merge with SafePort.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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The acquisition announcement is Doxa’s second this week.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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Argo will initially front the business under a 100% quota agreement with ASU.
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The company has retained Tony Ursano’s IAP for the raise.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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This is the second recent deal in the US crop sector after the $240mn AIG-AFG transaction.
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RLL offers a fully insured and captive program to multifamily owners and managers.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.
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PCF claims it overpaid the first year earnout by over $19mn in the $226mn acquisition of Rice.
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The deal value represents roughly 4x last year’s insurance broking income.
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Regular adjusters multiples are in the high-single to low teens.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Earlier this month this publication revealed that Aquiline was seeking a buyer for Accuserve.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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The Ahoy! deal marks the first acquisition for the RedBird-backed MGA.
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The deal will create a personal lines firm controlling £3bn in premiums.
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Sources said Morgan Stanley is handling the sell-side mandate.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Attendees noted the increased presence of service providers and carriers.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Cove Street is 14th largest investor in Global Indemnity.
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Sources said that the E&S carriers are now poised to enter due diligence.
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Retentions and coverage could be affected by future adverse claims trends.
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Dowling Partners is advising the company.
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The talks are advanced, and the process is likely to move rapidly.
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The deal comes after 127 transactions for Risk Strategies since 2018.
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Shares had fallen over 20% since Monday.
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The all-stock indicative proposal values the business at more than 2x the share price.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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It follows Las Vegas intermediary Insurvia, which launched an auction last year.
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The deal comes after Insurvia was seeking a new sponsor.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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The MGA’s capacity provider is Berkshire Hathaway Specialty Insurance.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Parties will be invited to submit bids again later this month.
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