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AssuredPartners News from Insurance Insider US
The deal’s benefits headlined AJG’s investor day presentation.
The completion is also good news for Marsh, Aon, WTW and other potential buyers in US retail.
The broker approved a grant of $316mn in equity awards payable in staggered amounts over the coming five years.
AJ Gallagher has responded to a request for additional information under the HSR filing.
The merger is on track to close in H2 2025, CEO Pat Gallagher said.
The hires form part of WTW’s build-out of its US aviation practice.
Gallagher already has HSR approval for the $1.2bn Woodruff Sawyer acquisition.
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.
Insight into the current state of the insurance M&A market, powered by the Insurance Insider US M&A Deal Tracker.
The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
The executive said the combined entity could execute 100-110 tuck-in M&A deals a year.
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.
Competitor news
Competitor news
Competitor news
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets. -
Aon’s Global Risk Management Survey also places failure to attract or retain top talent in the fourth spot.
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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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