Broker consolidator PCF Insurance Services has acquired John E Peakes Insurance Agency, a family-owned, full-service personal lines agency based in Ventura, California.
US M&A advisor Reagan Consulting has reported that the typical broker valuation paid by strategic acquirers increased to all-time highs of 12.5x in the second quarter, in contrast to a contraction in public broker valuations, while private broker organic growth also hit record highs.
Private equity firms Blackstone and Kohlberg are among the active players in what is being described as a tight and coordinated recapitalisation process for expansive US retail broker Relation Insurance Services, with a bid deadline set at around 7 September, The Insurer understands.
The acquisitive Ardonagh Group has posted an H1 pre-tax loss of £46mn ($55.2mn) primarily because of higher finance costs as its secured debt climbed to £2.7bn.
Insurance holding company Signers National – the owner of businesses including Lamb Insurance Services – is working with investment bank Piper Sandler as it looks to sell a minority stake to a backer that will support its continued growth trajectory, The Insurer can reveal.
Private equity-backed Choice Financial Group has appointed Michael Andersen as president and chief operating officer, with the industry veteran joining the Robert Hilb-led broker from AssuredPartners.
Private equity-backed Choice Financial Group has named Robert Hilb as its new CEO following the retirement of the company’s founder and president Richard Braun.
SureChoice Underwriters Reciprocal Exchange (SURE) has secured regulatory sign off to begin underwriting homeowners coverage in North Carolina at a time when other carriers are retrenching in the state.
Recently formed insurtech MGA Ledgebrook has raised $4.2mn in seed funding to build out its platform with the aim of beginning underwriting its first policies in the fourth quarter of this year.
Cowbell founder and CEO Jack Kudale has told this publication his company is seeing rate increases come down to the 40-50 percent range and that he anticipates the stress in the business line to “bottom out” in the second half of the year.