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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale. -
Inside P&C’s morning summary of the key stories to get you up to speed
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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser.
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Sources said the Century-backed Houston, Texas-based adjusting platform retained JP Morgan as an adviser in the strategic process.
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The business could secure an enterprise valuation of C$650mn-C$750mn, sources believe.
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As part of the deal, PE house Corsair Capital sold its stake in the company while Oakbridge leadership and employees retained a position in the broking firm.
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Yesterday, Inside P&C revealed that the secondary deal takes the total equity raised to $4.1bn, with ~30% of the equity set to change hands.
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Alkeme has struck 10 deals in 2023, buying $13.4mn of Ebitda and $34mn of revenue, and has seven other LOIs pending that will add another ~$7mn of Ebitda this year.
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The private equity firm is targeting $1trn in assets under management for the combined segment.
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With the deal, KKR purchased over half of USI shares held by Canadian investment firm CDPQ in addition to stock from other investors.
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Inside P&C’s news team runs you through the key highlights of the week.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
