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Sources said the deal will value the US M&A insurance broker at over $500mn. -
Insurance Insider US reviews Euclid’s process and recent events in US MGA and retail broking.
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The broker said R&W rates rose to 2.8% in Q2 vs 2.5% in Q1.
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Longbrook Insurance will write multiple lines of business.
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It is understood that the MGA wants to start with renewable energy and transactional liability.
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Bonnet has spent more than four years at WTW in increasingly senior roles.
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The company is looking to grow through its new MGA incubator program.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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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 follows the news that AmTrust will spin off some of its MGA businesses.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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