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It is understood that the carrier, which is currently going through a sale process, is being advised by TigerRisk. -
The board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.
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Clear Group management Mike Edgeley and Howard Lickens will remain with the company.
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Innovu’s leadership will report to Gallagher’s Michael Rea.
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Private equity interest in the sector will continue to drive deals, the company said.
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Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.
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The existing Russell Scanlan management team will continue to run the business.
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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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The acquisition is the seventh for BMS in the past two years.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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The price is a 14% premium on yesterday’s close but substantially below the price that Brickell offered to take the firm private.
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