Insight and Intelligence on the London & International Insurance Markets 19 Feb 2018
Integro’s leverage in spotlight as Tysers deal nears
- 10 October 2017
US broker Integro was recently running a pro forma debt-to-Ebitda ratio in excess of 9x, numbers from Moody's show, as it enters exclusive takeover talks with independent London broking house Tysers.
Earlier this month, this publication revealed private equity-backed Integro had fought off competition from Tysers' long-term suitor RFIB and US wholesale giant AmWins to secure exclusivity.
One banking source suggested that the purchase price was in the region of £120mn ($159mn), or more than 11x Tysers' 2016 Ebitda of...
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