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The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums. -
Summit Partners will likely remain a minority investor in Global Group after the deal completes, sources said.
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Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
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WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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The transaction has been executed by Howden Germany’s specialty broker Howden Caninenberg.
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The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
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Alpert joined BAML in 2018 from UBS as managing director to lead the bank’s EMEA insurance-focused team while Kleinsteuber has led the US insurance unit since 2020.
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The Insurance Growth Report said 242 M&A deals took place in H1 of 2022, with a significant drop-off in the second half of the year.
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John Thompson, Graham Kilby, Richard Peers and Russ Nichols will take the top jobs.
