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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the mid-market retailer has retained Morgan Stanley and Goldman Sachs to advise, and is open both to PE suitors and trade bidders.
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In general, broking multiples are currently 1.5-2 times banking valuations, making it more attractive for financial institutions to capitalize on that trapped value.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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That number marks a significant increase over the prior year period, though the firm noted that H1 results were skewed by one major transaction coming in at nearly $400mn.
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An indirect outcome of rising private equity appetite for insurance brokerages has been the steady decline of banks’ prominence in the sector over the last 15 years.
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GMI’s monoline business auto program targets contractors, artisans, building supply dealers, retailers, manufacturers and wholesale distributors.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.