值得注意的私募股权支持的保险交易

Winning in brokerage for 2024Currently, there are dual pressures at play in themarket. The number of potential buyers is smallerbecause many of the biggest private equity firmsalready own an insurance brokerage asset. Absentan IPO or mega-merger, we expect brokers to findnovel ways for stakeholders to take money offthe table. For example, Leonard Green & Partnersminority stake in HUB created a secondarymarketplace or liquidity event for their employeeshareholders to cash out morefrequently.2. NOTABLE MGA DEALSProven MGAs became attractive investmentsWarburg PincusacquiredK2 InsuranceServices,with a diversified portfolio and MGAprograms acrossspecialty commercial, specialtytransportation,international and personal lines.Goldman Sachs Asset ManagementacquiredDoxa Insurance Holdings,an MGA underwritingand distribution company based in NorthAmerica.The Travelers Companies, Inc.,made a strategicplay to enhance its capabilities in the cyberinsurance segment and acquiredCorvus InsuranceHoldings, Inc.,a cyber insurance managing generalunderwriter, for approximately $435million. Key takeawaysWith high growth potential and low infrastructurecosts, managing general agents (MGAs) continueto perform well and are attractive investmentsfor private equity firms. MGAs can offer severaladvantages to traditional insurers, such asmore advanced data, analytics, distribution, andunderwriting capabilities. As it became harder tofind new MGA acquisitions in 2023, private equityinvestors were keen to buy portfolios or platformsthat had a proven track record of identifying andon-boarding successful programs — rather thanpursuing niche monoline MGAs, focused on aspecialty but also riskier due to higher concentrationin a given area and greater reliance on a smallnumber of risk capital providers forcapacity.We believe that the marketwill disproportionately rewardconsolidators that deliver well-integrated and operationallyefficient insurance brokerages. ••• diversification and vertical integration. Assemblinga diverse set ofprogramsallow MGAs to becomemore relevant and give optionality tocarrierpartners. To create value in an existing platform,private equity owners should look to integratecapabilities that can be shared across programs,including underwriting, data, analytics, and toolssuch as generativeAI.Key takeawaysClaims management services is an increasinglyinteresting investment for private equity firms.Combining different services and technologysolutions along the claims value chain representsan attractiveopportunity.There is robust demand, but only so much spacein this highly competitive segment.The claims serviceproposition is strong.This includesmany benefits,including cost effectiveness and optimization,increased operational efficiency, and Winning with MGAs in 2024With the softening in the financial lines, playersare seeking traditional capacity. For example,the Corvus Insurance Holdings deal signalscontinued investment interest for traditionalcarriers in a high performing and rapidly growingmarket segment. In 2024, there will be two tracksto increase growth and win as an MGAthrough3. NOTABLE CLAIMS SERVICES DEALSRobust demand, scarcity ofinvestable platforms•Blackrock Alternatives’ Long Term PrivateCapital (LTPC)acquiredAlacrity Solutions Group.•CNL Strategic CapitalacquiredSill PublicAdjustors, a leader in public adjusting in NorthAmerica. Oliver Wyman advised CNL StrategicCapital on thistransaction. Winning in claims for 2024With the scarcity of larger platforms, investorsare facing stronger competition in this segment.To win requires players to assemble and rollup many smaller businesses that offer a morediverse set of underlying products andservices.With the hardening reinsurance market, frontingcompanies will struggle to transfer 100% of the riskto reinsurers. Reinsurers are now requiring frontingcompanies to retain more risk and operate moresimilarly to traditional insurance companies thanproductpackagers.Winning in the fronting sector in 2024Fronting supports the growth and proliferationof the MGA market and M&A activity in thefrontingcarrier space will continue and be atheme for 2024.Fronting arrangements providecompanies with many advantages, such as speedto market andaccess to reinsurance markets. Weexpect increasedprice competition, investmentsin controls and governance, and consolidationthis year.In the fronting sector, we expectincreased price competition,investments in controls andgovernance, and consolidationthis year. can offer automation and advanced technologicalsolutions, such as machine learning,Gen AI, andthe stronger integration of data analytics.Demandcontinues to rise as insurance carriers outsourcetheir end-to-end claims handling, whichcan offerfaster response times for customersand provideinvestigation, management and resolutionservices.4. NOTABLE FRONTING CARRIER DEALSFronting competition increased•Onex Partnersannouced a deal to acquireAccredited, the global program managementbusiness ofR&Q