Hub
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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Yesterday, Inside P&C revealed that the secondary deal takes the total equity raised to $4.1bn, with ~30% of the equity set to change hands.
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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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After dropping out of the strategic process in the spring, Blackstone has now come in as an investor.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Hub International has tapped former Aon national property broking officer Blake Giannisis as its North American property practice leader.
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The increased facility will be used for “additional acquisitions while fueling investments in strategic initiatives that drive organic growth”, the company said.
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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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When a Grade A franchise like Hub refis at this kind of valuation, the read across to other assets is highly negative.
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Inside P&C revealed in late March that Leonard Green was one of the two remaining parties in the process, with an enterprise value of under $25bn, based on bids of ~16x just under $1.5bn of Ebitda.
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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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Both of them bring decades of experience in the private client industry.
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Other names believed to have looked at the asset include CD&R, CVC and Hg, as the process reaches its latter stages.
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American insurance broker Hub International is working with investment bank Morgan Stanley to sell a minority stake in itself in a $25 billion deal.
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Sources said the Chicago-based retail broker is in the preliminary stages of work with the intention of securing an investment later in the year.
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Mule will work alongside Mary-Beth Hahn, who joined Hub in 2021 as complex risk practice leader.
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Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
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The proposed change could disrupt M&A at brokers, shift the calculus in favor of team lifts and dial up C-suite focus on becoming an employer of choice.
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The spun-off units include general wholesale, environmental, construction, cyber and professional liability divisions.
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A tougher environment for debt financing and a potential recession will reverse some of the remarkable tailwinds of recent years.