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The carrier doesn’t have big concentrations with distributors and conducts business with individual brokers. -
Rasher also has offices in Seville, Cordoba, Valencia, Malaga, Granada and Pamplona, as well as Latin America.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The Montreal broker will use the funds to expand its Canadian operations.
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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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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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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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If the deal is finalized, it will represent the largest in the acquirer’s history.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
