M&A

The sale is another step in the company’s remediate or exit strategy in the business lines where it hasn’t met its scale or pricing targets.

Going forward, the management consultancy said investors can look to riskier specialized niches and models to find platforms for growth.

Boston-based Brown & Brown continues M&A expansion with purchase of Western Massachusetts agency.

The brokers have signed a heads of terms and will move towards a full acquisition.

The three-way tug of war over fronting business Clear Blue is the latest example of the appetite of buyout firms for insurance assets.

The deal gives the Denver-based company, which first launched a $100mn balance sheet carrier in May 2020, licenses to write business in California, New York, and Illinois.

The law firm said that despite increased interest in InsurTech assets, legacy IT systems remain a barrier to consolidation among incumbents.

Sources suggested that the business will fall short of the $600mn-$650mn valuation that was being targeted.

Alliant has acquired Northern California-based agency Asura Risk in a move that strengthens the company’s middle-market presence.

Sources suggested the business was unable to secure its reserve price from bidders.

The acquisition was the best way of getting the InsurTech’s data and risk scores into “more insurer workflows”, HazardHub’s CEO says.

The wholesaler is not looking for a “point-in-time" valuation.