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Casualty is less of a concern, despite reserving issues.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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Harney has also worked at Alliant, WTW and Marsh, among other firms.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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Heron has over 25 years of brokerage experience, mostly in real estate roles.
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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Aon will provide further updates on NFP and deal financials, on its earnings call tomorrow.
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The practice aligns existing capabilities from Marsh Specialty and others.
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The executive will focus on food and beverage manufacturers and distributors.