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Sources said that Deloitte was retained to run the strategic process for the Texas-based business.
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Both parties expect to close the transaction on August 1, 2024.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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M&A activity rose 11.8% YoY to 303 transactions in H1 from 271 deals in the prior year period.
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US Assure has been exploring a potential sale through a narrow process run by Dowling Hales.
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PE investors have made 60% to 80% of the deals per quarter since 2017.
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Conditions are coalescing for an uptick in carrier M&A after many subdued years.
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It is understood that the brokerage is working with external consultants and is open to a sale, JV or other options.
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Longstanding investor Stone Point will continue as a partner and board member.
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Broking multiples remain firm despite high interest rates and a recent deceleration in organic growth.
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The Insurance Insider US news team runs you through this week’s key M&A deals.