Sunstar secures new PE support from BBH for growth pushExpansive US retail broker Sunstar Insurance Group has secured an investment from BBH Capital Partners to fuel further growth in a deal that also buys out former investor LNC Partners.
GRP acquires healthcare broker PCHUK broker consolidator Global Risk Partners (GRP) has acquired healthcare intermediary Premier Choice Healthcare (PCH) marking the first acquisition since PE house Searchlight Capital Partners completed its majority investment in the group.
New capital will “inevitably” halt reinsurance rate momentum: FitchThe influx of new underwriting capacity into the reinsurance market will “inevitably” halt the rate momentum that has built up, although carriers can expect double-digit increases into 2021 at least, according to Fitch Ratings.
BP Marsh acquires 30% stake in Sage Program UnderwritersSpecialist UK insurance investor BP Marsh & Partners Plc has acquired a 30 percent shareholding in Sage Program Underwriters, for an equity consideration of $250,000 (£200,000).
PE drawn back to insurance balance sheet deals by potential 20%+ returnsPrivate equity money is being attracted back to fund insurance balance sheet businesses by the prospect of 20 percent plus returns in the post-Covid environment that haven’t been available in a decade or more.
Ardonagh prices $500mn notes offering in refinancing pushArdonagh Group has priced the offering of $500mn in aggregate principal amount of payment-in-kind (PIK) toggle notes marking the next step of the UK broker consolidator’s mammoth refinancing package.
Mapfre partners with PE to launch Eur250mn fundSpanish (re)insurer Mapfre has committed Eur250mn ($280mn) to launch a ‘fund of funds’ targeting the private equity market in partnership with Abante and Altamar.
Covid-19 to have short-term impact on insurtech investments: Aon COO BrunoThe steady rise in insurtech investments in recent years is likely to be slowed by the economic fall-out of Covid-19 – but only in the short-term – John Bruno, chief operating officer and CEO of data & analytic services at Aon has said.
Genstar sells remaining Palomar stake as CEO adds chairman roleGenstar Capital has sold its remaining stake in US quake-focused specialty insurer Palomar in a transaction that brings to an end a lucrative investment by the private equity firm.
AM Best puts StarStone US ratings under reviewAM Best has put the A- financial strength ratings of the US platform of StarStone being relaunched with $850mn of capital under review with negative implications.
Searchlight completes GRP deal with Bruce taking CEO rolePrivate equity house Searchlight Capital Partners has completed its acquisition of a majority stake in UK broker consolidator Global Risk Partners (GRP) following regulatory approval in a move that will see GRP managing director Mike Bruce become group chief executive.
Enstar confirms StarStone US relaunch with >$850mn capitalEnstar Group has confirmed a deal to recapitalise StarStone US that includes $610mn of private equity backing and management led by former Validus colleagues Jeff Consolino and Ed Noonan to target specialty P&C markets, including E&S property.
Enstar relaunches Starstone US with new PE investmentEnstar is relaunching its live carrier StarStone US with $850mn of capital as the industry continues to reposition to take advantage of market conditions, The Insurer can reveal.
London MGA Nexus valued at £228mnThe fast-expanding London MGA/intermediary Nexus Group is now worth £228mn ($289mn), according to venture capitalist firm BP Marsh.
Noonan actively seeking “scale-up” E&S opportunityFormer Validus CEO Ed Noonan is in the process of identifying a suitable platform for an E&S play after receiving multiple approaches from potential private equity investors looking to access the fast-hardening market segment, The Insurer can reveal.
Carlyle and T&D complete $2.2bn Fortitude Re stake purchase from AIGPrivate equity house Carlyle Group and Japanese carrier T&D Holdings have completed their acquisition of a 76.6 percent interest in Bermudian run-off vehicle Fortitude Group Holdings from AIG.
Aquiline set for further insurance investments with $2bn PE fundJeff Greenberg-led private equity firm Aquiline Capital Partners has closed its Financial Services Fund IV with more than $2bn in total commitments, well above the $1.5bn fundraise targeted.
Apollo’s Catalina involved in Sirius sales processApollo and its legacy specialist Catalina are involoved in the next stage of the sales process for Sirius International, indicating that potential live and run-off buyers are under consideration as the Bermudian seeks to resolve its future, The Insurer can reveal.
PE firm Parthenon buys into Venbrook at around 10x EbitdaParthenon Capital has taken a majority stake in privately held US broker Venbrook Group, The Insurer can reveal.
TigerRisk secures Flexpoint Ford investment for next phase of growthTigerRisk has landed a strategic growth investment from private equity firm Flexpoint Ford LLC to accelerate its current trajectory by providing access to capital and resources as it eyes opportunities from the fall-out from broker consolidation, The Insurer can reveal.