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GCP retains a controlling interest in the Californian retail brokerage. -
Argo shelved the sale of its Bermudian insurance business in mid-2024.
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This publication revealed back in February that Itel was being prepared for a sale.
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The deal values the company, formerly PCF, at roughly $5.7bn.
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The PE firm’s Aaron Cohen said full integration of broking assets is crucial.
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Additional investors include Fidelity, Apollo Funds and Gallatin Point.
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The sale process was first reported by this publication three months ago.
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Insurance Insider US revealed last year that Intercare had retained MarshBerry to explore strategic options.
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Insurance Insider US revealed last week that Hub had secured a ~16.5x Ebitda valuation in its “private IPO”.
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Flexpoint Ford has also positioned itself as a potential minority backer.
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The executive also spoke about growing organically and via M&A.
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MGA platforms, however, are seeing higher multiples than those in retail.
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