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The executive will report to head of corporate strategy Stephanie Rabin.
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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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Participating members can purchase up to $10mn in (re)insurance.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Spina will be based in New York and oversee surety accounts along the East Coast.
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The RfP covers the CEA and/or the California Wildfire Fund.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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The challenger broker is continuing to build out its presence on the island.
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Insurance Insider US examines public brokers’ 2023 M&A.