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Sources said the firm retained Ardea to run the process. -
The MGA will focus on insurance for agents, carrier partners and clients.
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The deal echoes Lightyear’s earlier investment in Inszone Insurance.
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The sale price represents Elephant’s approximate net asset value.
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Sources said Morgan Stanley has been drafted in to run the auction later this year.
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In operation since 1991, Pearl represents Ocean Harbor and Equity insurance companies.
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NY-based PE firm BBH Capital has exited its minority investment following the recap.
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Sources said the Ethos-led group will take roughly a 40% stake.
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This publication revealed last October that BroadStreet was seeking investors.
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Insurance Insider US examines potential tariffs’ impact on the PE-backed brokers amid the jammed conveyor belt.
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The executive was most recently chief revenue officer at Aon.
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Insurance Insider US revealed last December that the firm had retained RBC to run a strategic process.
