Truist
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The firm will no longer have to compete with one hand tied behind its back.
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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 earnings results for the day.
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The oversubscription may signal additional capacity waiting on the sidelines.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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He will assume the role of office president in mid-2025.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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The firm will have more flexibility around talent compensation and M&A activity.
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TIH CEO John Howard said the deal positions TIH for continued growth.