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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage. -
Current backer CIVC will retain a minority stake in Y&A alongside management and staff.
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BHMS joins a group of Boost backers that includes Markel, Canopius US and management.
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With the deal, 1970 secured capital to boost its liquidity management services for insured companies.
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Longstanding investor Stone Point will continue as a partner and board member.
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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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Insurance Insider US recently revealed the parties were in advanced sale talks.
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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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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 buy-side mandate has been awarded to Morgan Stanley and Bank of America.
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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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PE house Vistria will back the buy-and-build strategy in the independent agency space.
