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Sources said the brokers are in the final stages and could seal a deal in the next couple of weeks. -
Management is showcasing its ambition, but it’s also dialing up risk.
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The retail broker upsized its revolving credit and delayed draw term facilities.
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
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The wholesaler also paid $11.7mn in cash to Alera for the acquisition of Greenhill Underwriting.
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Rate deceleration in property cat increased in September, and property pricing overall was down in Q3.
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The sale is expected to close next month, though terms are not yet final.
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Casualty, general liability and excess will also see rate pressure.
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BroadStreet remained the most acquisitive, followed by Hub and Inszone.
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The global broker has beaten off competition from AJ Gallagher, and a number of other strategics.
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It is understood that the business-to-consumer programs are not included in the potential transaction.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
