M&A

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Private broker valuations remained at all-time highs in Q2 with deal multiples reaching 15x Ebitda for agencies of $3mn-$10mn revenue.

Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.

Inside P&C’s news team runs you through the key M&A deals from the past week.

The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.

The CEO addressed the progress of the strategic process in his first interview since taking the role.

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.

The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.

Inside P&C’s news team runs you through the key M&A deals from the past week.

With a cash consideration of $170mn and approximately $22.5mn of potential earnout obligation, the M&T deal is likely Gallagher’s largest since Willis Re.