Private equity
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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Regular adjusters multiples are in the high-single to low teens.
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Earlier this month this publication revealed that Aquiline was seeking a buyer for Accuserve.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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The deal comes after Insurvia was seeking a new sponsor.
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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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Last year, this publication revealed Rimkus had retained JPMorgan to run a strategic process.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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Overall broking M&A activity decreased to 782 takeovers from 1,031 deals in 2022.
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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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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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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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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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Sources said that the refinance consists of a $2.28bn term loan and a $750mn senior secured note.
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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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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.
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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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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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First-round bids for the company were due in late September.
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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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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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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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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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Yesterday, Inside P&C revealed that the secondary deal takes the total equity raised to $4.1bn, with ~30% of the equity set to change hands.
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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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With the deal, KKR purchased over half of USI shares held by Canadian investment firm CDPQ in addition to stock from other investors.
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Inside P&C’s news team runs you through the key highlights of the week.