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The global broker has beaten off competition from AJ Gallagher, and a number of other strategics. -
More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.
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TMK CUO Matthew Shaw has also been elevated to CEO.
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In our new database, you can find all of the key data points on P&C commercial lines deals in our coverage universe in one place.
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PIB boasts Ebitda of around £250mn and at prevailing multiples could secure a valuation of £3.75bn-£4bn.
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Sources said that Nacional would only consider a bid north of $150mn.
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He will be responsible for originating European acquisitions as part of the MGA’s global expansion plans.
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The broker will take a charge of $1.6bn-$2.1bn relating to the sale.
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The transaction will be one of the largest involving two strategics in broking history.
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M&A levels have increased 23% year-to-date compared to 2023, according to Gallagher Specialty.
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Spencer founded ICAP, later known as Nex Group, in 1986.
