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Following the acquisition, all of Southwest Truck Insurance’s team will join MMA. -
The Colorado-based program manager provides general, professional, excess professional, pollution, contractor's pollution, and excess liability coverages.
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Former owner HGGC will retain a minority stake in the US retail broker.
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The business will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The transaction was cleared in five out of six jurisdictions – including by US antitrust authorities – and is only pending UK regulatory approval.
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The deal price is the same as was agreed in the transaction last year that Covea terminated.
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Incline is to offer flood cover in Texas, North Carolina and Pennsylvania after forging a partnership with Wright Flood.
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With the transaction, the acquisitive broker expands into the Pacific Northwest region.
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The acquisition will bolster the capabilities of the specialty broker’s transportation practice.
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The Vale acquisition is the latest in a flurry of deal-making for the Chicago-based private equity house.
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