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Winners and losers will emerge more clearly, with less opportunity to ride the market wave. -
The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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The completion is also good news for Marsh, Aon, WTW and other potential buyers in US retail.
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The company was right to drop its reinsurance unit and refocus on its specialty roots.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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It is slim pickings for quality mega deals and the brokerage has an in-built need for speed.
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Succession, heavyweight M&A and expanding beyond its core will all test the broker.
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The broker has emerged as the emphatic winner of the supercycle, but new tests are coming.
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A London wholesaler broker would be a compelling second move.
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Above-market organic growth, mid-market M&A and talent infusions were all heralded.
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The $10bn acquisition of Risk Strategies is the biggest broker deal relative to size we have seen.
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Rates and limits have done the heavy lifting to date – but there are other options.
