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From here on out, insurers will likely have to rely on the strength of their individual stories.
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Avoiding an antitrust fight aids execution, but creates uncomfortable optics around the multiple paid.
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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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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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The oversubscription may signal additional capacity waiting on the sidelines.
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Attendees noted the increased presence of service providers and carriers.
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A more business-friendly approach will be offset by increased uncertainty.
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Long-term confidence in the market depends on the details of the new tax rule.
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Reinsurers are reporting stellar 2023 results – what they do with the earnings will be crucial.
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It’s unsurprising, following the Corvus-Travelers transaction.
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The firm took a major reserve charge and has gone into remediation mode.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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Given a number of complexities, the landing zone on a take-out price is small.
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Putting together two “show me” stories risks investor skepticism.
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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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Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.
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Carriers will be taking more risk net this year – which may arrest the speed of decline in cyber pricing.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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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 suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.