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Sources said the brokers are in the final stages and could seal a deal in the next couple of weeks. -
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The wholesaler also paid $11.7mn in cash to Alera for the acquisition of Greenhill Underwriting.
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The sale is expected to close next month, though terms are not yet final.
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The Goldman Sachs-backed broker will buy out BP Marsh’s stake.
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The global broker has beaten off competition from AJ Gallagher, and a number of other strategics.
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More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.
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TMK CUO Matthew Shaw has also been elevated to CEO.
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In our new database, you can find all of the key data points on P&C commercial lines deals in our coverage universe in one place.
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PIB boasts Ebitda of around £250mn and at prevailing multiples could secure a valuation of £3.75bn-£4bn.
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Sources said that Nacional would only consider a bid north of $150mn.
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He will be responsible for originating European acquisitions as part of the MGA’s global expansion plans.
