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Sources said that Piper Sandler is advising the Dallas-based program manager on the process. -
The executive is charged with defrauding investors out of nearly $500mn.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Insurers are pleased, brokers are looking for trade-offs, and everyone’s talking about Howden.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The deal will give the broker access to an M&A war chest to fuel inorganic growth.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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Sources said that Howden Capital Markets is advising the fronting company.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Verisk's recent deals and its interest in cyber-analytics firm CyberCube show M&A in the segment has ticked up.
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Sources said the start-up has two $10mn+ Ebitda platform deals lined up.
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The deal values the Onex-backed P&C broker at over $7bn.
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Other parties that looked at the business include CPPIB, Permira and Carlyle, sources said.
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Onex is making the investment alongside PSP, Ardian and others.
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This publication revealed earlier this year that the firm was working with Ardea to explore strategic options.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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This publication reported earlier today of the asset manager’s foray into the MGA space.
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The company generated $71.4mn in revenue for H1 2025.
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The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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A view into PE-fueled activity in the MGA sector, as LatAm carrier M&A accelerates.
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The likes of Genstar, Leonard Green and Bain also looked at the program manager.
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