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Feb 16
2009

Gallagher Announces Acquisition of Fidelity Benefits

Posted by Clear Rock in Insurance MA

Arthur J. Gallagher recently announced the acquisition of Fidelity Benefits & Insurance Services of Waco, Texas. 

The transaction continues the trend of Benefits transactions outpacing those on the P&C side, as well as the pace of consolidation in the Texas marketplace.   

Feb 16
2009

Texas Agency Powter Acquires O'neal

Posted by Clear Rock in Insurance MA

Powter Insurance, a north Texas P&C agency, recently announced the acquisition of O'neal Insurance.  O'neal is a P&C and benefits agency also located in north Texas.  

Feb 16
2009

Gallagher Acquires PartnerSource

Posted by Clear Rock in Insurance MA

Arthur J. Gallagher announced that they have acquired PartnerSource, Inc.- a Texas based broker. 

Notable in the transaction is Gallagher once again buying into niche segments- PartnerSource is benefits agency with a particular focus on non-subscription programs. 

We continue to see benefits agencies get attention in the current M&A environment, with "nichey" specialty companies attractive as

Feb 12
2009

The Changing Face of Insurance M&A

Posted by Clear Rock in Insurance MA
Now that we are clearly in the midst of a recession - no matter what metric you use or person you ask - the common theme of questioning has predictably drifted from “what will happen” towards “how far will it go” and “how long will it last.”

Clearly the broader economic environment is going to have an impact on the insurance world- and hence insurance M&A. From an economic standpoint, we
Feb 10
2009

Winter Insurance Newsletter Published

Posted by Clear Rock in Insurance MA

Clear Rock's Winter Insurance M&A newsletter is now available for download.

Inside we touch on a number of subjects, to include:

  • Changing Face of Agency M&A's
  • Where have bank buyers gone?
  • Big AJR, USI deals

Download the Insurance M&A

Feb 10
2009

Writedowns... Explained

Posted by Clear Rock in Transportation Acquisitions, Printing, Insurance MA, HVAC MA
One can't go an hour or two during this earnings season without hearing about yet another large write-down from a public company. On the private side, though, most smaller companies rarely take write downs- so we thought the concept might bear some explanation:

 

 


Feb 05
2009

Benefits Agencies: Why They’re Hot

Posted by Clear Rock in Insurance MA
The numbers from 2008 clearly bear out the trend: benefits agencies are moving at a faster rate than traditional P&C shops.

While the reasons are manifold, one key factor is the availability of solid agencies for traditional P&C buyers. After a several-years long buying spree, many of the best shops have been absorbed by banks and public brokers.

When combined with the soft P&C market,
Feb 03
2009

Blockbuster Deals for AJR, USI

Posted by Clear Rock in Insurance MA
Many thought that Arthur J. Gallagher and USI had been unusually quiet in during the end of 2008- but apparently they were both busy wrapping up a blockbuster deal with Liberty Mutual.

Both companies acquired the renewal rights and certain employees from Liberty’s middle market P&C group.

Interesting, here, is Liberty shedding their captive distribution channel. While they open
Jan 23
2009

Toxic Assets... Effecting More Than Just Wall Street

Posted by Clear Rock in Transportation Acquisitions, Printing, Insurance MA, AIG

As we head into earnings season (and into a new administration) we arebound to hear more and more about "toxic assets" and how they are impairing recovery for banks - and the economy as a whole.

Here is a little more on just what "toxic assets" means:

 

Dec 05
2008

Current Insurance M&A Valuations

Posted by Clear Rock in Insurance MA

We just wanted to provide a current glimpse at the insurance broker / agency M&A market. It's a question that we get asked time and again: what types of valuations are people paying?

Our experience is that, even in the current market, deal multiples have not suffered significantly. We have a series of transactions priced between 1.5x to 2.0x commissions. From an EBITDA perspective,

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