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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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BP Marsh sold Thompson-founded Kentro to Brown & Brown last year.
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Investors are still keen on UK broking – but they may expect more for their money.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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The Livingbridge-backed broker may return to market in 2025.
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The transition is expected to be completed shortly after Q1 2024.
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Rising legal costs show the risk of Howden’s growth-hungry approach.
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The PE firm is exercising an option to maintain a significant holding.
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The insurer launched in Q4 2023 with $250mn of backing from Altamont.