M&A
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Flexpoint secured a higher sum-of-the-parts valuation by facilitating the break-up.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms".
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Will Arch’s new acquisition be another success story, or more trouble than it’s worth?
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Earlier this week, this publication revealed that Axis and Accelerant will support the recently launched MGA.
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Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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The MGA platform has been under auction since last year.
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GeoVera’s UW operations go to SageSure, while its insurance companies merge with SafePort.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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The acquisition announcement is Doxa’s second this week.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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Argo will initially front the business under a 100% quota agreement with ASU.
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The company has retained Tony Ursano’s IAP for the raise.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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This is the second recent deal in the US crop sector after the $240mn AIG-AFG transaction.
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RLL offers a fully insured and captive program to multifamily owners and managers.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.
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PCF claims it overpaid the first year earnout by over $19mn in the $226mn acquisition of Rice.
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The deal value represents roughly 4x last year’s insurance broking income.
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Regular adjusters multiples are in the high-single to low teens.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Earlier this month this publication revealed that Aquiline was seeking a buyer for Accuserve.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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The Ahoy! deal marks the first acquisition for the RedBird-backed MGA.
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The deal will create a personal lines firm controlling £3bn in premiums.
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Sources said Morgan Stanley is handling the sell-side mandate.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Attendees noted the increased presence of service providers and carriers.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Cove Street is 14th largest investor in Global Indemnity.
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Sources said that the E&S carriers are now poised to enter due diligence.
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Retentions and coverage could be affected by future adverse claims trends.
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Dowling Partners is advising the company.
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The talks are advanced, and the process is likely to move rapidly.
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The deal comes after 127 transactions for Risk Strategies since 2018.
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Shares had fallen over 20% since Monday.
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The all-stock indicative proposal values the business at more than 2x the share price.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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It follows Las Vegas intermediary Insurvia, which launched an auction last year.
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The deal comes after Insurvia was seeking a new sponsor.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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The MGA’s capacity provider is Berkshire Hathaway Specialty Insurance.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Parties will be invited to submit bids again later this month.
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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The PE firm put SCM up for sale last year.
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Sources said that Jefferies and Waller Helms have the mandate.
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The transaction for the financial services book leaves the legacy behind.
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The Specialty Markets Group produced DWP of $388mn in 2023.
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The subsidiary generated 2023 gross revenue of $34mn and adjusted Ebitda of ~$5mn.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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The latest development comes on the heels of the Corvus-Travelers deal.
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The insurance services firm is owned by Lovell Minnick.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Last year, this publication revealed Rimkus had retained JPMorgan to run a strategic process.
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Its PE owners have been exploring strategic options since May last year.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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The end of the waiting period effectively clears the path to close in the US.
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The company’s book is being run off by Boost Insurance.
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The company would ideally like to target a minority investment.
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The firm will have more flexibility around talent compensation and M&A activity.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
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Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Given a number of complexities, the landing zone on a take-out price is small.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Work is underway to line up a supporting debt raise that could be ~$7bn.
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The insurer launched in Q4 2023 with $250mn of backing from Altamont.
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Agency deals declined 20% to 566, from 704 acquisitions in 2022.
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Koffie began work on a sale earlier this month following major layoffs.
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Overall broking M&A activity decreased to 782 takeovers from 1,031 deals in 2022.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Putting together two “show me” stories risks investor skepticism.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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The firm may be a victim of its own success and size but a challenging macro landscape is also presenting obstacles for levered brokers as The Squeeze 2.0 looms.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
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The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
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Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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HDI Global Specialty has acquired the equity interest of Griffin Highline (GH) in the financial lines MGA Falcon Risk to become the majority owner of the US underwriter.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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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.
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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 deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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NFP will need to be brought close enough to realize the benefits, but not so close its talent feels smothered.
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Sources said that the Citi and Ardea-run sale process is being angled to potential strategic buyers in its initial stages.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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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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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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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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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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Saul Fox, chairman and controlling shareholder, said: “Our M&A market information that suggested we pursue a transaction at this time was not realized.”
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Reagan’s quarterly report noted that private brokers booked 10.2% Q3 organic growth in Q3, the fourth quarter in a row of double-digit growth, and the fifth out of the last six.
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The valuation represents around 26.08x of the insurance agency’s LTM earnings and 5.11x of its revenue as of September 30.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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The Bill O’Farrell-led legacy business has appointed Evercore as it looks for a fresh PE or strategic backer.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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James River’s potential sale could be an opportunity for an investor looking to tap the E&S market, but reserving noise means making a deal might not be easy.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The Insurance Insider US news team runs you through some of the key M&A deals from the past week.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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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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Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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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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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.
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The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
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Last month this publication reported that the 777 Partners-backed company was close to signing a deal with Charlesbank.
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BroadStreet Partners, Hub International, AssuredPartners, AJ Gallagher and Inszone Insurance were the five most acquisitive buyers in Q3.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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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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The transaction follows the acquisition of Candence Insurance for over $900mn and Eastern Insurance for $510mn.
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In August, Inside P&C revealed that Doxa launched a strategic process after earlier attempts to reach a bilateral deal fell apart.
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The news comes around five months after this publication revealed that Latin America’s third-largest carrier had placed certain foreign subsidiaries up for sale.
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Optis reported that BroadStreet Partners overtook Hub International as deal count leader in Q3 with 20 transactions, an 87% increase from last year.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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KPMG said the primary drivers for broker consolidation are still in place, including sticky rate increases and economies of scale via aggregation, among others.
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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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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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Combined, the businesses represent approximately $100mn of annual revenue.
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The medical stop-loss MGU produces annual revenue of around $25mn.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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Earlier this week, Pritzker Capital struck a deal to buy a minority stake in family-owned Buffalo-based brokerage Lawley for an undisclosed sum.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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The agreement comes a month after Inside P&C revealed that the Southern bank had retained Morgan Stanley to run a sale process of its insurance business.
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R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
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Sources said MGA multiples are holding in the mid-to-high teens range while they still see strong PE and strategic appetite for the fronting sector.
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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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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.
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White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.
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Inside P&C’s news team brings you all the top news from the week.
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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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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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First-round bids for the company were due in late September.
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The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
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The companies will operate under common ownership of their private equity sponsor, Kelso & Company.
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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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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Average maximum purchase price as Ebitda multiple for platform assets was 16.53x, while average firms recorded 14.16x at the end of Q3.
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Inside P&C has independently confirmed that the bank is working on a full sale of its insurance operation amid a challenging banking environment.
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Inside P&C’s morning summary of the key stories to get you up to speed
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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser.
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Sources said the Century-backed Houston, Texas-based adjusting platform retained JP Morgan as an adviser in the strategic process.
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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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The private equity house already owns 20% of Truist’s insurance business following a deal earlier this year.
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Scott Canales, Richard Roderick, and Greg Barnes will join as executive vice presidents, and Mark Racunas as senior vice president, of Alliant Specialty.
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Earlier this year, this publication revealed Steadfast’s intentions to enter the US market via M&A as part of its international growth strategy.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team brings you all the top news from the week.
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CM Select is being re-branded as MGT Insurance and will operate as a tech-enabled risk solutions platform focused on the commercial P&C market.
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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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The news follows May’s report that chairman Saul Fox was working with Merger & Acquisition Services to explore strategic options.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team brings you all the top news from the week.
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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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Reagan Consulting is the sell-side adviser for the $11mn Ebitda business.
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The transaction marks Velocity’s first MGA acquisition and its second transaction after Nephila sold the cat-focused underwriter to Oaktree in late 2021 for over $107mn.
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The Atlanta-based broker agreed to sell yesterday in a transaction that is understood to have valued the firm at around $575mn.
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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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At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.
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The business could secure an enterprise valuation of C$650mn-C$750mn, sources believe.
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As part of the deal, PE house Corsair Capital sold its stake in the company while Oakbridge leadership and employees retained a position in the broking firm.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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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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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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Performance overall has been good, but there have been insurance M&A missteps and its share price has lagged.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Sources said that the assets are being marketed off Ebitda of roughly $50mn and revenue of ~$165mn, pointing to a potential valuation of $700mn-$750mn.
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Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.
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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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Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources 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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This publication revealed last month that Doxa Insurance was preparing to launch a sale process after earlier attempts to reach a bilateral deal for the Century-backed MGA platform fell apart.
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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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Eastern Insurance Group, a wholly owned subsidiary of Eastern Bankshares, is the third largest bank-affiliated insurance brokerage in the US, according to the company’s announcement.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The specialty insurer agreed to pay $2.5mn in cash for the exclusive right to underwrite the security and alarm business through October 2025, and the unit’s renewal rights.
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Alkeme has struck 10 deals in 2023, buying $13.4mn of Ebitda and $34mn of revenue, and has seven other LOIs pending that will add another ~$7mn of Ebitda this year.
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The private equity firm is targeting $1trn in assets under management for the combined segment.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Sources said the mid-market retailer has retained Morgan Stanley and Goldman Sachs to advise, and is open both to PE suitors and trade bidders.
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In general, broking multiples are currently 1.5-2 times banking valuations, making it more attractive for financial institutions to capitalize on that trapped value.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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That number marks a significant increase over the prior year period, though the firm noted that H1 results were skewed by one major transaction coming in at nearly $400mn.
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An indirect outcome of rising private equity appetite for insurance brokerages has been the steady decline of banks’ prominence in the sector over the last 15 years.
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GMI’s monoline business auto program targets contractors, artisans, building supply dealers, retailers, manufacturers and wholesale distributors.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
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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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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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Private Ebitda margins in Q2 were 27.1%. While high by historical standards, it was the lowest level since 2021 due to inflation and increased cost of talent.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Meanwhile, the FTC’s proposal has been delayed until April 2024 to give the agency time to consider all concerns about the rule because it faced strong opposition.
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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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The 777 Partners-backed fronting company retained Howden Tiger Capital Markets & Advisory last year as it was brought to market for a potential recap.
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The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.
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With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.
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The deal comes barely a month after this publication revealed that Sura was exploring the sale of its unit in the South American country.
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The firm expects to obtain all regulatory approval to close the US deal over the next three to four months.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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The Americas saw the largest fall in M&A activity over the first half of 2023.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The activist investor agreed not to acquire more than 9.5% of the outstanding shares of the company or an amount of ownership requiring regulatory approval.
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The firm closed a ~$1bn debt facility 15 months ago to fuel its expansion plans and is working on a similar structure that will boost its war chest for the near future.
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CEO Joseph Brown said that the firm is still engaged in conversations to sell a portion of its insurance operations or the entire company.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Additionally, the recent takeovers of medical stop-loss firms Ace Benefit and Point6 accounted for an aggregate cash consideration of $46.8mn.
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Financial adviser Waller Helms has started contacting potential acquirers as Century Capital seeks to exit.
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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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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Sources said the private equity house is working with Bank of America and has approached institutional capital including PE firms and sovereign wealth funds.
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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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The news follows Inside P&C’s report earlier this morning that the retail broker consolidator was back in the market for potential acquisition targets.
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Sources said the Utah-based private broker is back in the market and has recently approached US agencies as it looks to bid again for deals.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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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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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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PE-backed buyers represented 71% of all 271 deals in H1, in line with the 70% in 2022 and 73% in 2021, but higher than 65% and 59% from 2020 and 2019, respectively.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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Hub International overtook BroadStreet Partners as leader of Optis’s deal count in H1 with 29 transactions compared to BroadStreet’s 26.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Sources said parties inquiring about Sura’s operation in El Salvador include ASSA and Ficohsa, two of the largest carriers in the region.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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With the macro environment drying up capital streams M&A has slowed, but IPOs are reflective of pricing opportunities.
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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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It is understood that the firm is open to both private equity and strategic investors as it retained Morgan Stanley and Piper Sandler to advise in the process.
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As M&A activity picks up, sources said Central American reinsurance broker Asesores Intermediarios de Reaseguro is exploring a sale of the business.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.
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Sources said the company has approached some US bankers and consultants as it is actively looking for potential targets in the country.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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The announcement follows reports that Root has filed a lawsuit against Embedded related to the violation of a non-disclosure agreement.
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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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The suit is related to the violation of a non-disclosure agreement between the parties.
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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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Sources said the Pine Brook-backed firm has retained Piper Sandler and will look to formally kick off following the summer.
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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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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In the prior six months, the insurance sector saw more transactions, 263, but with a lower deal value of $2bn, the consulting firm said.
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There has been no official response from Root, but Inside P&C took a look at the company reportedly making the takeover bid, Embedded Insurance.
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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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This would be a premium to Root’s closing price on Tuesday of $6.02 per share, which gives the company a market value just north of $80mn, significantly below its peak of roughly $7.5bn.
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Let’s get you up to speed on some of this week’s key M&A deals.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The Corsair-backed broker has retained Morgan Stanley and Piper Sandler to advise.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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The group’s returns have been driven by Two Sigma, but the total return model is perceived as toxic.
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Anat health insurance leader Jim Stelling will join Core as part of the deal.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The company does not intend to make any public comment regarding the process until it is completed or suspended.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The recent merger with Cobbs Allen sets the right platform for the company’s plans, Denson told Inside P&C in a recent interview.
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Any capital event is likely to take place following the hurricane season, Reuters reported.
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Recent top line growth and improved performance will need to be weighed against historical underperformance at group level, but the opportunity could attract a non-traditional buyer.
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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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Sources said some assets expected to be up for sale include Central American units and other businesses, including some Mexican and larger South American operations.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The deal will result in a pre-tax net realized gain of $86mn in the second quarter.
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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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Organic growth accelerated to 11.1% in Q1 while the top 25% of performers posted “stratospheric” organic growth of over 17.5%.
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.
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The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.
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The transaction will coincide with a CEO succession as Karl Wall hands the reins to M&A head Tom Nichols.
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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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The carrier intends to use the cash raised as part of its consideration for Validus.
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Founded in 1997, Socius provides management, professional and cyber liability and P&C insurance.
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Sources said the Pennsylvania insurer is receiving advice from its controlling shareholder, private equity firm Fox Paine, in the process.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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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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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company has been weakened somewhat, and the base case now is a return to grinding out new CEO Scott Egan’s refined strategy.
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Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.
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The intermediary employs over 150 staff members and has annual revenues of $15mn-$20mn.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.
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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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The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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Morgan Stanley served as exclusive financial adviser to Neptune. Howden Tiger Capital Markets & Advisory acted as financial adviser to Bregal Sagemount and FTV.
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The Illinois-based intermediary paid $86.4mn in cash and recorded an earnout payable of $5.9mn, according to its Q1 10-Q.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Following the deal, Jose Otavio Sampaio will continue as Lockton Brazil CEO while THB Brazil CEO Eduardo Lucena will become deputy CEO of the combined entity.
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While SiriusPoint CEO Scott Egan said the committee of independent directors will examine any acquisition proposals, he added that there’s “no assurance” any deal will be executed.
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In early January, the company completed the transactions to increase its position in Huatai to 64.2% from 47.3%.
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Following the deal, around 450 CRS employees will move to AFG’s Great American Insurance group.
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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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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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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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Senior departures, the Corebridge stock price and the arrival of Dan Loeb all throw up additional obstacles.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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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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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The transaction is at a 97% premium to Trean’s closing price on December 15, 2022 and a 133% premium to the 30-day average price per share of $2.64.
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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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Sources said the company has assessed different options to bring in additional capital this year as it ramps up its growth strategy.
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The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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Management added that the company also plans to expand into reinsurance to provide capacity in the market.
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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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The Ohio-based brokerage was followed by Chicagoan retailer Hub International and Californian broker Inszone with 10 deals respectively.
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Coverage will be distributed through wholesale brokers.
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The M&A slowdown in the US and increased competition have also driven retentions down, while terms and conditions are loosening.
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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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The investment comes after Inside P&C revealed that Westland was working with Evercore to find an investor that could value the business at around ~$2bn.
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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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The broker said competitive conditions made it an “optimal time” for insurance buyers.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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In an interview, CEO Bill Johnson addressed reports of agency partner concerns, the firm’s unaudited financials, its performance and 2023 targets.
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Sources said BlueChip NY-based managing directors Chris Opisso, Jon Sprintz and Jason Tomitz will join Volante to run the unit.
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Inside P&C’s news team runs you through the key highlights of the week.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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The billionaire’s mooted take-private will hinder CEO Egan’s efforts to steady the ship.
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The insurance-focused boutique investment bank said private capital-backed buyers accounted for 73 of the 98 transactions, or 74.5%, consistent with a five-year trend.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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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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With this investment, the program manager is majority-owned by management and the Connecticut-based PE house.
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The aborted listing is the latest piece of evidence around challenges in the listed InsurTech space.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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The sale represents an aggregate value of $14.75bn and increases Truist's common equity Tier 1 ratio by approximately 30 basis points.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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If a deal is sealed, it will be the second biggest US MGA deal of the year-to-date following Amynta’s acquisition of Ambridge.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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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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The news comes amid increased interest in pref share issuances.
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Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The firm added Tony Roehl, Lori Bibb and Joe Holahan from Morris, Manning & Martin.
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The executive was not part of the company’s layoffs in late 2022, as he departed earlier this year.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The new CEO is perpetuating what has worked in his predecessor’s strategy and refining certain elements.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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The MGA is also looking at securing a captive wholesale broker, and a niche play within reinsurance broking.
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The InsurTech filed its 2022 annual report with the SEC one day after it said it needed additional time to address the accounting in its Metromile takeover.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
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In addition, the wholesale broker disclosed a $7.7mn consideration in the takeover of certain assets of Centurion Liability Insurance Services.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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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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Alpert joined BAML in 2018 from UBS as managing director to lead the bank’s EMEA insurance-focused team while Kleinsteuber has led the US insurance unit since 2020.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
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The $500mn puts PCF in a position to pay substantial earnout liabilities, but also means it must find a way to get growth to outpace the coupon.
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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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At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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Reagan reported that 631 deals were announced in 2022 compared to 977 in 2021, representing a ~35% decline year-over-year.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Management of the insurance broking business should seek to seize the opportunities of independence with both hands.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.
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Management was speaking after the announcement that Stone Point finalized a deal with Truist to acquire a 20% stake in its insurance broking business at a valuation of $14.75bn.
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The experienced sector investor will take a 20% stake in the business, in line with prior reporting from Inside P&C.
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As we stand today, the InsurTech consolidation prophecy has not come to pass, even after a period of tanked valuations and dwindled access to capital.
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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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The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.
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The acquisitive broker booked $35.6mn of cash paid in the deal, along with a $106.9mn earnout payable, according to its 2022 10-K filed today with the SEC.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Analysis of Argo’s valuation suggests this is a rich multiple when accounting for potential reserving noise.
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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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The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
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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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Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.
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The transaction is expected to close in the first half of the year subject to closing conditions and regulatory approvals.
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The consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business.
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It is understood that the private flood MGA has re-engaged Morgan Stanley to run its sales process.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The ~$1bn Ebitda business is seeking a minority private equity buy-in to unlock value for its banking parent, and to create equity incentives for staff.
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The executive – who is working with former colleague Mayur Patel – has retained JP Morgan to advise on the raise.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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Transactions in Q4 decreased 30% to 282 from the same period in 2021 as the Federal Reserve hiked interest rates and the US economy slowed down.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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The business has approached US strategic bidders including large MGAs and brokers about a deal.
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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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The Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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It is understood that the insurance broker appointed Evercore and Piper Sandler as financial advisers in the process.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The deal propels Howden to become the fourth-largest global reinsurance broker.
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Under the terms of the deal, Duck Creek shareholders will receive $19 per share, or a 46% premium to the InsurTech’s closing stock price on Friday.
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Ambridge was founded 22 years ago by Jess Pryor, executive chairman, and Jeff Cowhey, CEO, who will continue to lead the company after the deal has completed.
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The bank is running a process to seek a minority stake sale of its broking arm, and is in talks with Stone Point and CD&R.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Valuations for average firms in 2022 were flat compared to 2021 at around 10.71x, while platform deals saw an increase in multiples from 12.84x to 13.20x.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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It is understood the rationale around Coalition’s desire to sell Attune involved refocusing its story on cyber, where valuations have held up.
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Claims were widespread in the class of business during 2022, with almost all areas warranted claimed against.
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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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The two firms have a combined revenue of roughly $190mn and will operate under the new holding company Cobbs Allen Capital Holdings LLC.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The French firm will acquire up to 34% of the broker’s share capital.
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The French firm saw off competition from Nordic Capital and Permira.
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Inside P&C dissects the largest and hottest deals of the year across broking, commercial lines and other segments of the industry.
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2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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At $6.15 per share, the deal is a 97% premium to Trean’s closing price on December 15 and a 133% premium to the 30-day average price per share of $2.64.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The total valuation comes at the lower end of a range of $1.25bn to $1.5bn revealed by this publication in August.
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After a period of ups and downs, R&W rates in the mid-market segment are stabilizing around 3.5%-4%, market participants 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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The business is a binding authority and wholesale broking specialist, with annual revenues of $23mn.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The private equity-backed broker hired Yem Mai as R&W managing director and senior brokers Ashley Parsa and Michelle Jensen.
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In the prior six-month stint (mid-November 2021 through mid-May 2022), PwC reported 343 announced transactions, with $15.4bn in deal value.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Permira, Nordic Capital and Eurazeo are in the frame to back the broker.
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The carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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The sell-off was one of the carrier’s “strategic initiatives” to focus on core capabilities as the company navigates a challenging environment for personal line businesses.
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The business is predicted to write $1.4bn this year.
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Consistent underwriting performance, the completion of the exit from life, acquisitions, organic growth and succession planning will all be focuses.
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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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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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But the insurance-focused bank expects the total number of specialty deals in 2022 to approximate the 153 deals recorded in 2021 after a potential rebound in Q4.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The transaction would have involved a partnership with Mosaic and a managing agent sale.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.
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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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Private broker valuations remained at all-time highs in Q2 with deal multiples reaching 15x Ebitda for agencies of $3mn-$10mn revenue.
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Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.
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The CEO addressed the progress of the strategic process in his first interview since taking the role.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.
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The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.
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The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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With a cash consideration of $170mn and approximately $22.5mn of potential earnout obligation, the M&T deal is likely Gallagher’s largest since Willis Re.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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Following completion of the deal, Washington and Fairfax will own a majority of the equity of Atlas.
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The activist reduced its position to 3.05% of the insurer from the ~6.6% stake it owned at the end of Q2.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The transaction includes the MGA’s underwriting team and renewal rights to the portfolio.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The completion of the deal comes after last week the companies received all regulatory approvals.
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Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.
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As the MGA market gathers today, cat property capacity looks set to dwindle further as Hurricane Ian exacerbates pre-existing challenges.
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Berkshire Hathaway and Alleghany have received regulatory approvals to close the $11.6bn deal announced earlier this year.
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Let’s get you up to speed on some of this week’s key M&A deals.
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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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The inflection point comes as the US M&A boom overheated the reps and warranties market in late 2021 and early 2022.
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Core Specialty CEO Jeff Consolino noted that the recent Hallmark deal places the firm among the 20 largest E&S writers.
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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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Valuations for the last 12 months ending Q3 2022 have risen 3.4% to 14.56x Ebitda, the boutique investment bank reported.
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A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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AM Best placed Hallmark under review with negative implications immediately after the confirmation of the deal with Core.
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Inside P&C’s news team runs you through the key highlights of the week.
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Tighter debt markets and a weakening growth outlook is now putting pressure on private broker multiples.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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MarshBerry deemed this as a “major” inflection point as specialty firms used to be valued at a (sometimes substantial) discount.
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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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Talks are in their relatively early stages, and there is market skepticism around prospects for a deal.
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The deal would add upwards of 200 staff to the specialty insurer’s staff, and take its E&S business close to $1bn of premiums.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Based in Chicago, Van Osdol will report to Relation’s EVP and head of M&A Tim Hall.
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Themes from this year’s ITC conference in Las Vegas also included the exit of less educated investors, increased appetite for venture debt and the allure of cyber.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Increased multiples of 16x-17x in the independent agencies sector and uncontemplated perpetuation plans are some of the factors driving the survey’s results.
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The insurer said the overall break-up and sale strategy that represented a $175mn gain was equivalent to 180% of American Reliable’s book value.
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Following the deal, Corvus executives Zandra Brown and Kevin Kempf will join RB Jones as head of specialty cargo and product leader of specialty cargo, respectively.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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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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The CEO noted that retailers seeking to enter the wholesale segment through M&A risk losing staff amidst a talent shortage in the insurance industry.
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The firm's ethos will remain the same, but the bigger balance sheet may help it win clients and absorb volatility.
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Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.
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Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The industry veteran was named EVP and head of international insurance by the US carrier.
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The deal price represents 1.16x tangible book value.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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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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Morgan Stanley has been retained to advise Lee Equity Partners on a deal that could value the firm at $1.25bn-$1.5bn.
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Management should grasp the opportunity of building a more unified firm while thoughtfully choosing its next M&A move.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
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Relay will remain an independent entity and operate under its own management, while still taking advantage of At-Bay’s platform and resources.
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Sources said the market could see multiples as high as 17x-19x before a correction, some others have a bullish view saying a correction will be smooth.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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Private equity interest remains buoyant while InsurTech enthusiasm dims.
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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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There has been an increasing trend over the last 18 months of strategic-on-InsurTech M&A, albeit on the MGA side.
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The specialty insurer continues to face obstacles in finding a buyer, and a period of independence might now be the better option.
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The deal will enable the Californian MGA to offer insurance policies through its own admitted insurance carrier in all 50 states.
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PE appetite for retail broking platform’s remains high, with positive read-across for Relation’s process.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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The firm needs to get a grip in HNW, dial up commercial lines growth, cut through the Corebridge knot and then an acquisition will be next.
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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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The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
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Sica Fletcher reported that in the first half of the year 91% of SF Index transactions were executed by private equity-backed firms.
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Following the deal, management and PE firm Warburg will retain a meaningful minority position in the Floridian broker.
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American Reliable has already sold the renewal rights to its farm, ranch and equine book to the mutual.
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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.
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The insurer is moving forward with talks to acquire the US hybrid fronting carrier, according to a Japanese newspaper.
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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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The transaction values the firm at around 17.5x Ebitda, and is a bull signal for private broker valuations.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The all-cash deal was completed following the closure of Metromile’s $500mn acquisition by Lemonade last week.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Lemonade in November agreed to buy the Californian InsurTech in an all-stock transaction, implying a diluted equity value of $500mn, or $200mn net of cash.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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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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Three weeks past what was billed as the final bid deadline, the PE house and owner CPPIB are still engaged in work to get a transaction to the finish line.
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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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In the first half of 2022, PCF's deal volume totaled 48 transactions, while Acrisure stood at 43 transactions.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The Copenhagen-based coverholder writes a variety of niche insurance lines including M&A and renewable energy.
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The deal follows PCF’s purchase of United Underwriters earlier this month.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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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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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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FedNat will retain a minority interest along with representation on the board.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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Parisoff will be president of the MGA, which will provide professional and general liability insurance.
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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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It is understood that the carrier, which is currently going through a sale process, is being advised by TigerRisk.
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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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The board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.
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The top-10 US retail broker has built probably the greatest growth story in the insurance market’s history.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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The InsurTech last raised $30mn with a Series E2 financing round in March 2021, bringing the company’s total raised to more than $100mn.
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Inside P&C’s news team runs you through the key developments from the past week.
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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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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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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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The transaction, set to close in H2, involves a partnership that will see Fairfax invest $200mn in Jab’s consumer investment fund.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key developments from the past week.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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The company currently has $4bn from its cash flow and incremental borrowing to fund M&A activity without using stock over 2022 and 2023.
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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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This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.
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The companies have received approval from the Department of Justice under the Hart-Scott-Rodino Act and are awaiting other required regulatory approvals.
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The Richard Fleder-led MGA writes around $130mn of business and has Ebitda of roughly $14mn.
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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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The company and backer Aquiline are being advised by Morgan Stanley and Piper Sandler.
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Following his promotion, Hippo’s new CEO discussed InsurTech public market conditions, the funding environment for private companies, inflationary pressures and loss ratios.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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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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More than 98% of votes cast supported the acquisition.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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This publication first revealed that the two parties were working on the deal last month.
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The partnership expands KAP's reach in Florida and its depth in construction and surety lines.
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Selling Argo may be harder than you think given its Lloyd’s operation and questions around balance sheet strength.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key developments from the past week.
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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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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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Further launches are planned for io.insure in the UK, Europe and Asia, after an inaugural launch in Australia.
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The announcement comes soon after SiriusPoint CEO Sid Sankaran departed and activist Daniel Loeb joined the board.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team takes you through the key developments from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.