Scoop - US
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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The utility previously bought a $1bn policy from the (re)insurance market.
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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The transaction values the firm at around 17.5x Ebitda, and is a bull signal for private broker valuations.
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The firm is the first in the P&C market known to have taken action to ensure staff have financial support for travel for out-of-state medical procedures.
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The move comes amid a number of senior appointment announcements in the Latin American market, including two senior hires from Marsh.
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Sources said that the MGAs sealed the transaction earlier this month and a deal could be announced imminently.
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Sources said that the company is not using the listing to flush out potential trade or PE bidders.
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Lea was previously head of commercial E&O, cyber and media liability at CNA Insurance for a little over five years.
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Sources said that the Los Angeles, California-based team joining Hub includes Juliana Selfridge, Michael Glees, Belen Olloqui and Katelyn Kiblinger.
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It is understood that Next decided to discontinue the process after it proved an uphill battle to secure funding at an attractive valuation amid volatile market conditions.