The private equity market will no longer be a player in themergers and acquisition arena, but large insurance brokerage firmsare now the dominant players in this space, a report from Standard& Poor's said.
With cheap credit gone, private equity firms no longer have themuscle to leverage the deals they once did, such as USI HoldingsCorp. and HUB International, which were purchased with a hugeamount of debt, S&P said.
However, brokers–notably Aon and Willis–are making acquisitionmoves, highlighted by Aon's move to acquire reinsurance brokerBenfield Group Ltd. and Willis' acquisition of Hilb, Rogal andHobbs.
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