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Business deal. Private equity firms are drawn to insurance brokerages because they have strong cash flow and tend to perform well through economic cycles. (Image: Fotolia)

A group led by the private equity firm GTCR LLC agreed to buy a majority stake in AssuredPartners Inc., the U.S. insurance broker from Apax Partners.

The financial terms of the transaction were not disclosed, Apax said in a statement on Thursday. The deal would value the broker at about $5.1 billion including debt, people familiar with the matter said on Wednesday.

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