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Sources said the deal will value the US M&A insurance broker at over $500mn. -
Insurance Insider US reviews Euclid’s process and recent events in US MGA and retail broking.
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The broker said R&W rates rose to 2.8% in Q2 vs 2.5% in Q1.
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Longbrook Insurance will write multiple lines of business.
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It is understood that the MGA wants to start with renewable energy and transactional liability.
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Bonnet has spent more than four years at WTW in increasingly senior roles.
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The company is looking to grow through its new MGA incubator program.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The executive joins from MSIG USA.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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Hasnaa El Rhermoul will be SVP at Ethos Transactional, sources said.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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The executive said the floor on D&O pricing is in sight.
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This is the New York-based firm’s first acquisition since launching in 2024.
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Michael Mora was appointed North America CEO just over a year ago.
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In March 2024, Cowen was appointed to lead Chubb’s new international transactional liability platform.
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Underhill spent nine years at BHSI as global head of transactional liability.
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The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.
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Last month, Insurance Insider US revealed that former GTS Americas head Scott Pegram had left the company.
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