Truist

Sources have suggested bids at the top end were around 16x marketing Ebitda of just over $1bn.

Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.

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As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Margins contracted as performance-based incentives and T&E costs increased.

Prior to joining CRC, Gulati spent 10 years at AmTrust in various underwriting management and business development roles.

With the deal, CRC expects to increase its annual premium to $31.5bn from $23.5bn and grow its staff to over 5,100 employees across North America.

While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.

The bank-owned broker reported positive earnings despite economic conditions, but results may vary for other brokers.

Adjusted Ebitda margins narrowed by 200bps, as an uptick in T&E costs took its toll.