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The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier. -
Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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Sources said that the refinance consists of a $2.28bn term loan and a $750mn senior secured note.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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First-round bids for the company were due in late September.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
