Truist
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The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business. -
With the disposal, TIH would amass a robust war chest for a looming MGA consolidation arms race.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The firm will no longer have to compete with one hand tied behind its back.
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The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The oversubscription may signal additional capacity waiting on the sidelines.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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