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By contrast, capacity remains tight at the lead level.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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The move was led by ex-Icat CEO Gregory Butler.
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Sources said the ~C$55mn Ebitda business retained RBC to run the strategic review.
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The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
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James Drinkwater is to serve as vice chair and executive chairman at Amwins Global Risks.
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AIG launched an IPO of Corebridge Financial in September 2022.
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The executive said the combined entity could execute 100-110 tuck-in M&A deals a year.
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There’s a question mark around the tails of AY 2021-2023, the president said.
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The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
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The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
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There has been increased W&I appetite in South American jurisdictions.