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The PE firm held 3.1% of the company’s shares, but will now hold none. -
Sources said that the New York-based InsurTech retained Evercore to advise on the process.
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The transaction is Davies’ largest strategic M&A addition to date.
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Sources said that the platform drafted in Ardea Partners to advise on the recap.
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Insight into the state of the insurance M&A market, powered by Insurance Insider US’s comprehensive deal database.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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The executive is charged with defrauding investors out of nearly $500mn.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Insurers are pleased, brokers are looking for trade-offs, and everyone’s talking about Howden.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The deal will give the broker access to an M&A war chest to fuel inorganic growth.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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Sources said that Howden Capital Markets is advising the fronting company.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Verisk's recent deals and its interest in cyber-analytics firm CyberCube show M&A in the segment has ticked up.
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Sources said the start-up has two $10mn+ Ebitda platform deals lined up.
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The deal values the Onex-backed P&C broker at over $7bn.
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Other parties that looked at the business include CPPIB, Permira and Carlyle, sources said.
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Onex is making the investment alongside PSP, Ardian and others.
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This publication revealed earlier this year that the firm was working with Ardea to explore strategic options.
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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 publication reported earlier today of the asset manager’s foray into the MGA space.
