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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies. -
The broker said there was a “record level of dry powder” waiting to be deployed.
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The bank’s representatives have started reaching out to other potential interested parties.
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This follows a challenging period for business last year.
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While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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The announcement closes the $435mn-deal which was announced in early November.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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Founded in 1981 in Brea, California, LPL was established by agency principals Bud Laughlin, Bob Powell, and Dennis Lambourne.
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Founded in Volusia County, Florida in 1948, Caton Insurance merged with John Hosey agency in 1993 to create Caton-Hosey Insurance.
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The deal was announced in April, whereby the firm agreed to purchase a further 46% stake to take its shareholding to 90%.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
