First-round bids in the auction of specialist managing general
agency (MGA) CFC Underwriting were submitted last week, with
submissions coming solely from private equity houses,
The Insurance Insider understands.
Market sources suggested that the company could trade at a valuation upwards of 12x forward Ebitda of £15mn ($18.7mn), equating to £180mn+.
Warburg Pincus, Lightyear Capital and Aquiline are understood to have submitted indicative proposals, but it is not clear yet whether they have been selected to proceed to the next...
If you are a non-subscriber but would like to be able to view this article, then please go to our Publications page for further information on joining our readership