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The vehicle will give the legacy carrier a US platform. -
Paragon co-CEOs James Kalbassi and Tara Falk will become Ardonagh shareholders.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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The business consists of the workers’ compensation book and auto casualty bill review solutions.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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This was Gallagher’s largest Q1 deal, followed by $66.6mn for Ericson Insurance.
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The discussions come as the region has seen increased M&A activity in recent years.
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The 100% equity award will vest in full after five years.
