Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Warburg Pincus and Aquiline among CFC bidders

Catrin Shi and Adam McNestrie 14 February 2017

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...

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