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The executive has been serving as COO since February.
The move includes One80 Intermediaries, formerly part of Risk Strategies.
Not everyone will emerge unscathed as brokers navigate the slow-growth environment.
The Risk Strategies parent company had also been the subject of bids from Marsh and Howden.
Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
The broker posted a 6.5% drop in organic growth YoY.
Some E&S business is flowing back to the admitted market but so far it is “anecdotal”.
This is its second significant wholesale acquisition this year following the $54mn takeover of NBS.
The Insurance Insider US news team runs you through the earnings results for the day.
Weatherbys Hamilton provides private client, bloodstock and farm coverage.
The broker is targeting run-rate synergies of $150mn by the end of 2028.
The $10bn acquisition of Risk Strategies is the biggest broker deal relative to size we have seen.
The acquirer will carry out a ~$4bn equity placement to help finance the transaction.
Sources said that negotiations are proceeding well with a path to do a cash deal.
Q1 was the ninth consecutive quarter of below-average deal volume.
The Insurance Insider US news team runs you through this week’s key agency M&A.
It will be tough to pull off prior goals despite management assurances.
The firm acquired total assets of $65mn and assumed liabilities of $11mn.
Q1 rates in most lines were consistent with prior quarters but slightly down on 2024.
The Insurance Insider US news team runs you through the earnings results for the day.
The UK broker is still in talks with Mubadala about a standalone investment in the business.
Sources said Brown & Brown has an advantage as it entered the process several weeks ago.
Sources said the Evercore-run Risk Strategies process has drawn the interest of Brown & Brown.
This publication revealed the appointment earlier today.
He will have to step down from his non-executive role on the board to take the job.
Competitor news
Competitor news
Competitor news
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure. -
The practice group will enhance the company’s existing offerings in E&S.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Behind the Headlines Podcast
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In Partnership With AXISJoe Dutton, Energy Innovation Lead for AXIS, discusses the role of insurance in supporting new energy technologies.
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Callum Roberts, Professor of Marine Conservation at the University of Exeter, explains ocean carbon storage and its role in climate change.
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Bill Cooper, Managing Director with Howden Capital Markets & Advisory, discusses insurance market trends, M&A projections, MGA expansion and ILS insights.
From our other titles
From our other titles
From our other titles
From Insurance Insider US
Commercial lines rate increases slow to 3.8%: WTW
The figure is down from 5.9% in Q2 2024.
From Insurance Insider
LIVE from Monte: Mereo CEO Croom-Johnson
While investors recently have favored the “instant gratification” of supporting brokers and MGAs, start-up reinsurer Mereo CEO David Croom-Johnson said he thinks capital will “fall back in love” with balance-sheet companies who deliver consistent profitable results.
From Insurance Insider
LIVE from Monte: Paul Campbell, Global Growth Officer for Aon’s strategy & technology group
Paul Campbell details how the most profitable insurers act during a soft versus hard market.
From Insurance Insider US
WTW books 5% organic growth in Q2
The R&B unit posted organic growth of 6% in the quarter.
From Insurance Insider US
Conduit reports H1 loss and 122% CoR in ‘period of transition’
The carrier said market dynamics were shifting due to increased capacity.
From Insurance Insider US
HSCM among stock sellers in Slide’s $408mn IPO
Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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