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Flexpoint Ford has also positioned itself as a potential minority backer. -
The executive also spoke about growing organically and via M&A.
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MGA platforms, however, are seeing higher multiples than those in retail.
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Sources said JP Morgan and RBC are advising the brokerage.
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Sources said the firm retained Ardea to run the process.
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The MGA will focus on insurance for agents, carrier partners and clients.
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The deal echoes Lightyear’s earlier investment in Inszone Insurance.
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The sale price represents Elephant’s approximate net asset value.
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Sources said Morgan Stanley has been drafted in to run the auction later this year.
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In operation since 1991, Pearl represents Ocean Harbor and Equity insurance companies.
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NY-based PE firm BBH Capital has exited its minority investment following the recap.
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Sources said the Ethos-led group will take roughly a 40% stake.
