A property-casualty industry flush with cash from a benign loss year has kept merger and acquisition firms pretty prosperous themselves taking care of an industry mired in another softening market, looking for expansion at a time when organic growth remains a challenge.
The program business administration niche is no exception, as top-line insurers look to purchase those entities to which they may have been merely providing underwriting backing before.
Kevin Donoghue, a managing director with New York-based insurance specialty investment banking firm Mystic Capital, said most program administrators are independent managing general agents, but some are embedded in wholesale brokerage firms.
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