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Truist news from Insurance Insider
It acquired wholesaler ARC Excess & Surplus, confirming an earlier report from this publication.
Insurance Insider US spoke with the incoming CEO to discuss the future of TIH.
The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business.
With the disposal, TIH would amass a robust war chest for a looming MGA consolidation arms race.
Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
The firm will no longer have to compete with one hand tied behind its back.
The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
The Insurance Insider US news team runs you through the earnings results for the day.
The oversubscription may signal additional capacity waiting on the sidelines.
The announcement confirms earlier reports from this publication.
Sources said the deal was roughly three times over-subscribed as cat becomes hot.
He will assume the role of office president in mid-2025.
Sources said Stone Point and CD&R will each have stakes of around 35%.
The firm will have more flexibility around talent compensation and M&A activity.
TIH CEO John Howard said the deal positions TIH for continued growth.
Work is underway to line up a supporting debt raise that could be ~$7bn.
The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
The bank’s representatives have started reaching out to other potential interested parties.
He most recently served as the Truist-owned broker’s national director of P&C.
The broking firm promoted Rachael Yelverton to director of strategic projects while Jeremy McCaslin was named chief innovation officer.
Truist appointed Neil Kessler to lead the wholesale division as CEO, while Bill Goldstein will become CEO of the underwriting unit.
The Inside P&C news team runs you through the earnings results for the day.
Competitor news
Competitor news
Competitor news
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure. -
The practice group will enhance the company’s existing offerings in E&S.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Behind the Headlines Podcast
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In Partnership WithDamian Cooper, Partner with PwC Bermuda discusses life reinsurance growth and regulatory challenges.
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In Partnership WithArthur Wightman, Territory Leader for PwC Bermuda discusses industry challenges and Bermuda's key role in reinsurance growth and climate initiatives.
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In Partnership With Fidelis PartnershipCharlie Matthias Deputy Chairman and Group Executive Director for The Fidelis Partnership discusses how ESG practices can drive societal change, improve underwriting, and ensure sustainable growth in insurance.
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Commercial lines rate increases slow to 3.8%: WTW
The figure is down from 5.9% in Q2 2024.
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LIVE from Monte: Mereo CEO Croom-Johnson
While investors recently have favored the “instant gratification” of supporting brokers and MGAs, start-up reinsurer Mereo CEO David Croom-Johnson said he thinks capital will “fall back in love” with balance-sheet companies who deliver consistent profitable results.
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LIVE from Monte: Paul Campbell, Global Growth Officer for Aon’s strategy & technology group
Paul Campbell details how the most profitable insurers act during a soft versus hard market.
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Brown & Brown appoints Hearn to lead global operations
The executive has been serving as COO since February.
From Insurance Insider US
WTW books 5% organic growth in Q2
The R&B unit posted organic growth of 6% in the quarter.
From Insurance Insider US
Conduit reports H1 loss and 122% CoR in ‘period of transition’
The carrier said market dynamics were shifting due to increased capacity.
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