M&A

The expansive business is targeting a mid-teens multiple on a marketing Ebitda of around £80mn.

Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.

Client director Martyn Locke will transfer to Xenia as part of the deal.

Oliver Bogue, the company's nominee director on the board of Summa, will resign from this role on completion of the disposal.

In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.

With most M&A activity from 2020 pushed into 2021, capacity for M&A insurance began to dry up in around October, resulting in hard market conditions.

This year deals will continue to increase but ESG, inflation and supply chain issues bring complexity.

Brockwell currently writes approximately $40mn in gross written premium, which will provide a significant uplift to Optio’s existing $25mn warranty and indemnity premium base.

With this deal, Corvus said it becomes the first cyber InsurTech to acquire a London underwriting platform.

CEO David Austin will return the business to its former name, Visionary Underwriting Agency.

The transaction marks the legacy carrier’s first acquisition in Continental Europe.

The broker generates around EUR75mn in revenues and has a presence throughout the Portuguese-speaking world and Europe.