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All of BdB’s subsidiaries and leadership team will join Brown & Brown’s roster following the acquisition. -
The insurer expects to close the transaction during 2022 upon Chinese regulatory approvals.
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Mosaic said the partnership marked an expansion of its syndicated programme launched last December.
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The acquisition comes after the group bought WDB in 2020.
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The UK segment reported an operating loss of £37mn in 2020 and could present a consolidation opportunity for major GI players.
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The businesses will be rebranded from 31 January, which Gallagher said “completes” the integration of the firms.
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TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
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The expansive business is targeting a mid-teens multiple on a marketing Ebitda of around £80mn.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Client director Martyn Locke will transfer to Xenia as part of the deal.
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Oliver Bogue, the company's nominee director on the board of Summa, will resign from this role on completion of the disposal.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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