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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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The PE firm put SCM up for sale last year.
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Sources said that Jefferies and Waller Helms have the mandate.
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The transaction for the financial services book leaves the legacy behind.
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The Specialty Markets Group produced DWP of $388mn in 2023.
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The subsidiary generated 2023 gross revenue of $34mn and adjusted Ebitda of ~$5mn.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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The latest development comes on the heels of the Corvus-Travelers deal.
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The insurance services firm is owned by Lovell Minnick.
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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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Last year, this publication revealed Rimkus had retained JPMorgan to run a strategic process.
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Its PE owners have been exploring strategic options since May last year.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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The end of the waiting period effectively clears the path to close in the US.
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The company’s book is being run off by Boost Insurance.
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The company would ideally like to target a minority investment.
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The firm will have more flexibility around talent compensation and M&A activity.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
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Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Given a number of complexities, the landing zone on a take-out price is small.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Work is underway to line up a supporting debt raise that could be ~$7bn.
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The insurer launched in Q4 2023 with $250mn of backing from Altamont.
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Agency deals declined 20% to 566, from 704 acquisitions in 2022.
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Koffie began work on a sale earlier this month following major layoffs.
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Overall broking M&A activity decreased to 782 takeovers from 1,031 deals in 2022.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Putting together two “show me” stories risks investor skepticism.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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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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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
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The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
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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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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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HDI Global Specialty has acquired the equity interest of Griffin Highline (GH) in the financial lines MGA Falcon Risk to become the majority owner of the US underwriter.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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The bank’s representatives have started reaching out to other potential interested parties.
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This follows a challenging period for business last year.
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While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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The announcement closes the $435mn-deal which was announced in early November.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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Founded in 1981 in Brea, California, LPL was established by agency principals Bud Laughlin, Bob Powell, and Dennis Lambourne.
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Founded in Volusia County, Florida in 1948, Caton Insurance merged with John Hosey agency in 1993 to create Caton-Hosey Insurance.
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The deal was announced in April, whereby the firm agreed to purchase a further 46% stake to take its shareholding to 90%.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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NFP will need to be brought close enough to realize the benefits, but not so close its talent feels smothered.
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Sources said that the Citi and Ardea-run sale process is being angled to potential strategic buyers in its initial stages.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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Saul Fox, chairman and controlling shareholder, said: “Our M&A market information that suggested we pursue a transaction at this time was not realized.”
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Reagan’s quarterly report noted that private brokers booked 10.2% Q3 organic growth in Q3, the fourth quarter in a row of double-digit growth, and the fifth out of the last six.
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The valuation represents around 26.08x of the insurance agency’s LTM earnings and 5.11x of its revenue as of September 30.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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The Bill O’Farrell-led legacy business has appointed Evercore as it looks for a fresh PE or strategic backer.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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James River’s potential sale could be an opportunity for an investor looking to tap the E&S market, but reserving noise means making a deal might not be easy.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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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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Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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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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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.
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The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
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Last month this publication reported that the 777 Partners-backed company was close to signing a deal with Charlesbank.
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BroadStreet Partners, Hub International, AssuredPartners, AJ Gallagher and Inszone Insurance were the five most acquisitive buyers in Q3.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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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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The transaction follows the acquisition of Candence Insurance for over $900mn and Eastern Insurance for $510mn.
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In August, Inside P&C revealed that Doxa launched a strategic process after earlier attempts to reach a bilateral deal fell apart.
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The news comes around five months after this publication revealed that Latin America’s third-largest carrier had placed certain foreign subsidiaries up for sale.
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Optis reported that BroadStreet Partners overtook Hub International as deal count leader in Q3 with 20 transactions, an 87% increase from last year.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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KPMG said the primary drivers for broker consolidation are still in place, including sticky rate increases and economies of scale via aggregation, among others.
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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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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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Combined, the businesses represent approximately $100mn of annual revenue.
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The medical stop-loss MGU produces annual revenue of around $25mn.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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Earlier this week, Pritzker Capital struck a deal to buy a minority stake in family-owned Buffalo-based brokerage Lawley for an undisclosed sum.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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The agreement comes a month after Inside P&C revealed that the Southern bank had retained Morgan Stanley to run a sale process of its insurance business.
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R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
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Sources said MGA multiples are holding in the mid-to-high teens range while they still see strong PE and strategic appetite for the fronting sector.
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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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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.
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Inside P&C’s news team brings you all the top news from the week.
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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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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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First-round bids for the company were due in late September.
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The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
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The companies will operate under common ownership of their private equity sponsor, Kelso & Company.
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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 fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Average maximum purchase price as Ebitda multiple for platform assets was 16.53x, while average firms recorded 14.16x at the end of Q3.
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Inside P&C has independently confirmed that the bank is working on a full sale of its insurance operation amid a challenging banking environment.
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Inside P&C’s morning summary of the key stories to get you up to speed
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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser.
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Sources said the Century-backed Houston, Texas-based adjusting platform retained JP Morgan as an adviser in the strategic process.
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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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The private equity house already owns 20% of Truist’s insurance business following a deal earlier this year.
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Scott Canales, Richard Roderick, and Greg Barnes will join as executive vice presidents, and Mark Racunas as senior vice president, of Alliant Specialty.
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Earlier this year, this publication revealed Steadfast’s intentions to enter the US market via M&A as part of its international growth strategy.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team brings you all the top news from the week.
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CM Select is being re-branded as MGT Insurance and will operate as a tech-enabled risk solutions platform focused on the commercial P&C market.
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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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The news follows May’s report that chairman Saul Fox was working with Merger & Acquisition Services to explore strategic options.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team brings you all the top news from the week.
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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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Reagan Consulting is the sell-side adviser for the $11mn Ebitda business.
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The transaction marks Velocity’s first MGA acquisition and its second transaction after Nephila sold the cat-focused underwriter to Oaktree in late 2021 for over $107mn.
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The Atlanta-based broker agreed to sell yesterday in a transaction that is understood to have valued the firm at around $575mn.
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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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At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.
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The business could secure an enterprise valuation of C$650mn-C$750mn, sources believe.
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As part of the deal, PE house Corsair Capital sold its stake in the company while Oakbridge leadership and employees retained a position in the broking firm.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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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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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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Performance overall has been good, but there have been insurance M&A missteps and its share price has lagged.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Sources said that the assets are being marketed off Ebitda of roughly $50mn and revenue of ~$165mn, pointing to a potential valuation of $700mn-$750mn.
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Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.
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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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Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.
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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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This publication revealed last month that Doxa Insurance was preparing to launch a sale process after earlier attempts to reach a bilateral deal for the Century-backed MGA platform fell apart.
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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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Eastern Insurance Group, a wholly owned subsidiary of Eastern Bankshares, is the third largest bank-affiliated insurance brokerage in the US, according to the company’s announcement.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The specialty insurer agreed to pay $2.5mn in cash for the exclusive right to underwrite the security and alarm business through October 2025, and the unit’s renewal rights.
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Alkeme has struck 10 deals in 2023, buying $13.4mn of Ebitda and $34mn of revenue, and has seven other LOIs pending that will add another ~$7mn of Ebitda this year.
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The private equity firm is targeting $1trn in assets under management for the combined segment.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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In general, broking multiples are currently 1.5-2 times banking valuations, making it more attractive for financial institutions to capitalize on that trapped value.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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That number marks a significant increase over the prior year period, though the firm noted that H1 results were skewed by one major transaction coming in at nearly $400mn.
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An indirect outcome of rising private equity appetite for insurance brokerages has been the steady decline of banks’ prominence in the sector over the last 15 years.
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GMI’s monoline business auto program targets contractors, artisans, building supply dealers, retailers, manufacturers and wholesale distributors.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
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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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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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Private Ebitda margins in Q2 were 27.1%. While high by historical standards, it was the lowest level since 2021 due to inflation and increased cost of talent.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Meanwhile, the FTC’s proposal has been delayed until April 2024 to give the agency time to consider all concerns about the rule because it faced strong opposition.
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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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The 777 Partners-backed fronting company retained Howden Tiger Capital Markets & Advisory last year as it was brought to market for a potential recap.
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The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.
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With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.
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The deal comes barely a month after this publication revealed that Sura was exploring the sale of its unit in the South American country.
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The firm expects to obtain all regulatory approval to close the US deal over the next three to four months.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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The Americas saw the largest fall in M&A activity over the first half of 2023.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The activist investor agreed not to acquire more than 9.5% of the outstanding shares of the company or an amount of ownership requiring regulatory approval.
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The firm closed a ~$1bn debt facility 15 months ago to fuel its expansion plans and is working on a similar structure that will boost its war chest for the near future.
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CEO Joseph Brown said that the firm is still engaged in conversations to sell a portion of its insurance operations or the entire company.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Additionally, the recent takeovers of medical stop-loss firms Ace Benefit and Point6 accounted for an aggregate cash consideration of $46.8mn.
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Financial adviser Waller Helms has started contacting potential acquirers as Century Capital seeks to exit.
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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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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Sources said the private equity house is working with Bank of America and has approached institutional capital including PE firms and sovereign wealth funds.
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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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The news follows Inside P&C’s report earlier this morning that the retail broker consolidator was back in the market for potential acquisition targets.
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Sources said the Utah-based private broker is back in the market and has recently approached US agencies as it looks to bid again for deals.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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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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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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PE-backed buyers represented 71% of all 271 deals in H1, in line with the 70% in 2022 and 73% in 2021, but higher than 65% and 59% from 2020 and 2019, respectively.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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Hub International overtook BroadStreet Partners as leader of Optis’s deal count in H1 with 29 transactions compared to BroadStreet’s 26.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Sources said parties inquiring about Sura’s operation in El Salvador include ASSA and Ficohsa, two of the largest carriers in the region.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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With the macro environment drying up capital streams M&A has slowed, but IPOs are reflective of pricing opportunities.
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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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It is understood that the firm is open to both private equity and strategic investors as it retained Morgan Stanley and Piper Sandler to advise in the process.
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As M&A activity picks up, sources said Central American reinsurance broker Asesores Intermediarios de Reaseguro is exploring a sale of the business.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s news team runs you through the key M&A deals from the past week.
-
Inside P&C’s news team runs you through the key highlights of the week.
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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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As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.
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Sources said the company has approached some US bankers and consultants as it is actively looking for potential targets in the country.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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The announcement follows reports that Root has filed a lawsuit against Embedded related to the violation of a non-disclosure agreement.
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