Around the P&C insurance industry: August 2, 2023
Insurance industry news from Marsh McLennan, Bridge Specialty Group, Converge Insurance and more.
Marsh McLennan acquired ASPROSE Corredora de Seguros, S.A, one of Costa Rica’s insurance brokers. Terms of the transaction, which is expected to close later in the third quarter of 2023, were not disclosed.
Bridge Specialty Group launched Bridge Specialty Insurance Brokerage, which allows its national brokerage entities to be unified under one brand. Bridge Specialty Insurance Brokerage joined firms with a truly national reach. Legacy operations coming together under the unified brand include ECC Insurance Brokers, MacDuff Underwriters, Peachtree Special Risk Brokers and RLA Insurance Intermediaries.
PCF Insurance Services closed $400 million in incremental debt financing led by Blue Owl, a global alternative asset manager that acted as lead arranger and admin agent. The financing was upsized from $300 million to $400 million in response to strong lender demand from new and existing lenders.
Converge Insurance announced $15 million in Series A funding from Forgepoint Capital. Forgepoint Managing Directors Don Dixon and Andrew McClure have joined the company’s Board of Directors as part of the financing.
Marsh McLennan Agency acquired Philadelphia, Pennsylvania-based Graham Company, a leading risk management consultancy and one of the top independent insurance and employee benefits brokers in the United States. Terms of the acquisition were not disclosed.
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