Foundation’s 17.5x multiple: Defying gravity
As Warburg Pincus weighed a liquidity event for Foundation Risk Partners – the 2017 retail broking start-up it backed – in Q2, prospects looked to be deteriorating fast.
After a remarkable run for the levered brokers, tailwinds seemed to be reversing. Debt markets were tightening amidst the Fed’s efforts to tame inflation, while the P&C pricing cycle looked to be slowing, with a downturn in growth also...
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