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Sources said that Jefferies and Waller Helms have the mandate. -
Last year, this publication revealed Rimkus had retained JPMorgan to run a strategic process.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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Overall broking M&A activity decreased to 782 takeovers from 1,031 deals in 2022.
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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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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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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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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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Sources said that the refinance consists of a $2.28bn term loan and a $750mn senior secured note.
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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.
