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AssuredPartners News from Insurance Insider US
The hires form part of WTW’s build-out of its US aviation practice.
The company said it now expects the transaction to close in H2 2025.
AJ Gallagher expects to complete the $13.5bn acquisition of AssuredPartners in Q1.
The appointment comes a month after AP’s $13.5bn sale to Gallagher.
The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
If the deal is finalized, it will represent the largest in the acquirer’s history.
This follows yesterday’s appointment of Sean Smith as company president.
This publication previously revealed that private equity firm GTCR was seeking to place the broker into a continuation vehicle.
The move comes less than a year after AssuredPartners’ sale process reached a stalemate.
Brady Gallagher becomes M&A director for the brokerage’s retail operations.
Current regional sales leader Weiss will succeed Deal in the role.
Challenges include integration, delevering, winning staff over and building a compelling equity story.
Hank Dominioni will focus on Hartford, Torrington and greater Connecticut.
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.
Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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.
The question of how to finance the private brokers no longer begins and ends with a PE flip.
The companies filed the motion with prejudice, barring them from bringing the same arguments to another US court in the future.
Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
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.
A tougher environment for debt financing and a potential recession will reverse some of the remarkable tailwinds of recent years.
Competitor news
Competitor news
Competitor news
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He was most recently Marsh’s US manufacturing and automotive practice head. -
The executive brings more than 25 years of insurance experience.
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The broker has expanded the number of global industry verticals to seven from four.
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HSCM among stock sellers in Slide’s $408mn IPO
Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
From Insurance Insider US
Compre appoints HSCM’s Bardon to newly created CUO role
Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Climate change remains a ‘pervasive threat’ to economy: Swiss Re CorSo North America CEO McGrath
Parametric insurance and multi-year, multi-line structured solutions are two tools that can help insureds manage natural catastrophes, said Katie McGrath, regional CEO of North America for Swiss Re Corporate Solutions.
From Insurance Insider ILS
State Farm, Citizens and Twia mull mega-bond deals equal to ~$3bn
The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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Casualty ILS market can double annually in next two years: MultiStrat CEO
Industry sources estimate the market to be around $3bn.
From Insurance Insider
Arcas promotes Deane to MD, head of US
The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
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