Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018
USI deal proves private equity broker appetite still strong
- 4 July 2017
USI's recent acquisition of Wells Fargo's insurance broking arm highlighted the solid interest of private equity-backed investors in the high-margin US retail broking industry.
Although the terms of the transaction were not disclosed, earlier in the process banking sources said that the business could sell for approaching $1.5bn, with the brokerage and consulting segment representing little more than $600mn of revenue.
Caisse de dépôt et placement du Québec (CDPQ) - an existing USI investor - and PSP Investments co-invested in...
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