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HDI Global Specialty, Verto Syndicate 2689 and IQUW Syndicate 1856 are among the new trade capital partners. -
The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.
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The $130mn-$140mn reserve charge undermines the management case that it can turn the business around.
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Founded in 2001, PRS is a specialty wholesale brokerage firm focused on professional and management liability coverage.
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As part of the deal, the McSweeny team will join US Risk Brokers, the wholesale brokerage operation of US Risk.
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According to a recent M&A risks market report, nearly 70% of US transactions use R&W coverage and four out of five PE deals in North America use M&A insurance.
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Sources said that the PE company has appointed investment bank Evercore to conduct the sale process of the business.
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Euclid also announced the formation of a newly formed 11-member global executive committee.
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The move expands the acquisitive broker’s footprint in the Floridian employee benefits and risk consulting services market.
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After calling 2021 its best year ever, Truist Insurance is purchasing private equity backed title insurer with nationwide operations.
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The acquisition of an admitted company goes along with the surplus lines company Vantage purchased to jumpstart its US insurance business in July.
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All of BdB’s subsidiaries and leadership team will join Brown & Brown’s roster following the acquisition.
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