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The deal helps boost Davies’ growth across North America and Canada. -
The transaction complements its previous acquisition of RMS in 2021.
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The acquisition marks Bishop Street’s entry into commercial lines.
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The take-private is expected to close by mid-2025.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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In connection with the transactions, Conifer CEO Nick Petcoff resigned from the position.
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The underwriting units produced revenue of $11mn in the year to June 30.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The Insurance Insider US news team runs you through this week’s key M&A deals.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage.
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The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
