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The Americas saw the largest fall in M&A activity over the first half of 2023. -
It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Sources said the private equity house is working with Bank of America and has approached institutional capital including PE firms and sovereign wealth funds.
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Investment bank Houlihan Lokey has been retained to advise on the transaction.
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The four syndicate backers have indicated that they intend to take Westfield’s 65.2p per £1 deal.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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This acquisition is part of Howden’s wider strategy to expand its product offering for Swiss and multinational clients.
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Other bidders included France's Groupama and Italy's Itas.
