Private equity | Insurance Insider US

The insurer will be a cornerstone investor in the manager’s new PE platform.

Sources said Jefferies and RBC have been retained to advise on the sale process.

The MGA platform has launched more than 20 new vehicles since 2021.

The driving forces which underpinned the boom in the MGA market all look markedly different from three years ago.

Its platform includes a US-based E&S carrier, a Lloyd's syndicate, two coverholder MGAs and more.

Ackman is targeting high-teens RoE at Vantage via underwriting gains and equity investing.

The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.

Sources said the auction launched after Thanksgiving with Relation marketed off adjusted Ebitda of around $130mn.

Onex CEO Bobby Le Blanc will retire from Ryan Specialty’s board of directors.

The PE firm held 3.1% of the company’s shares, but will now hold none.

Sources said that the New York-based InsurTech retained Evercore to advise on the process.

The transaction is Davies’ largest strategic M&A addition to date.