IAP Acted As Financial Advisor To Velocity And Oaktree In Connection With The Sale Of VRU (MGU) And VSIC (E&S Insurance Carrier)

On January 7th, 2025, Ryan Specialty (“Ryan”) announced it signed definitive agreements to acquire Velocity Risk Underwriters, LLC (“VRU”). VRU is a leading managing general underwriter, founded in 2015 and based in Nashville, TN, that provides first-party insurance coverage for catastrophe exposed properties (named storm, earthquake, and tornado and hail). Ryan has an implied market capitalization of ~$16.2bn (as of January 6th, 2025) and acts as a wholesale broker and a managing underwriter with delegated authority from carriers. VRU is to be acquired by Ryan for an upfront cash consideration of $525m.

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IAP Acted As Exclusive Financial Advisor And Provided A Fairness Opinion To Maiden Holdings, Ltd. On Its Combination With Kestrel Group LLC

On December 30, 2024, Maiden Holdings, Ltd. (“Maiden”), a Bermuda-based leader specializing in legacy services and finality solutions for the insurance and financial services industries, announced the combination with Kestrel Group LLC (“Kestrel”), a Dallas and Austin, TX, based strategic entity created to service program managers, MGAs, reinsurers and reinsurance brokers.

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IAP Served As Exclusive Financial Advisor To ATRI Insurance Services On Its Sale To Platinum Specialty Underwriters

On December 12th, 2024, ATRI Insurance Services, LLC (“ATRI”), an MGA specializing in management and professional liability programs, completed the sale of its business to Platinum Specialty Underwriters, LLC.

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IAP Serves As Exclusive Financial Advisor To Ryan Specialty On Its Potential Acquisition Of Innovisk Capital Partners

On October 30, 2024, Ryan Specialty, a leading international specialty insurance services firm, announced the intent to acquire Innovisk Capital Partners, an international organization with a diverse, non-correlated portfolio of seven highly regarded specialty MGUs.

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IAP Acted As Exclusive Financial Advisor To Pivix Specialty Insurance Services, Inc. With The Formation Through A Partnership With Ambac Financial Group, Inc.

On October 8, 2024, Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”) announced it has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services, Inc. (“Pivix”). Pivix is a managing general agency focusing on the excess and surplus (“E&S”) lines market. Ambac is an insurance holding company that is a growing specialty P&C distribution and underwriting platform.

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IAP Acted As Exclusive Financial Advisor To ISO Student Health Insurance On Its Sale To NSM Insurance Group

On July 29, 2024, ISO Student Health Insurance (“ISO”), a leading provider of international student health insurance, announced the sale of its business to NSM Insurance Group, a global specialty insurance provider.

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IAP Acted As Exclusive Financial Advisor To Applied Underwriters, Inc. On Its Sale Of Centauri Specialty Insurance Holdings, Inc.

On April 18, 2024, Applied Underwriters, Inc. (“Applied Underwriters”) announced the strategic sale of Centauri Specialty Insurance Holdings, Inc. (“Centauri”) to Lilypad Insurance Holdings Inc. (“Lilypad”). Centauri is a property and casualty insurance company licensed to serve policyholders in 10 states. Lilypad is a newly formed coastal risk specialty insurer and subsidiary of Arbol Inc., a global climate risk solutions provider.

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IAP Acted As Exclusive Financial Advisor To GeoVera Insurance Holdings, Ltd. On The Sale Of Its Insurance Carriers And MGA

On April 9, 2024, GeoVera Insurance Holdings, Ltd. (“GeoVera”), a leading provider of specialty property insurance focused on catastrophe-exposed properties in the earthquake and wind markets, announced the sale of its insurance carriers and MGA.

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Insurance Advisory Partners Acted As Exclusive Financial Advisor To risksmith Insurance Services On Its Sale To Amwins Group, Inc.

On February 1, 2024, risksmith Insurance Services (“risksmith”), a specialty MGA platform underwriting a broad offering of niche E&S insurance products, completed its sale to Amwins Group, Inc. (“Amwins”), the largest independent wholesale distributor of specialty insurance products in the U.S.

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Insurance Advisory Partners served as Financial Advisor to Hamilton Insurance Group Ltd. in connection with a $225,000,000 initial public offering of 15,000,000 Class B shares of common stock at a price of $15.00 per share

On November 14, 2023, Hamilton Insurance Group Ltd. closed its $225m initial public offering of 15,000,000 Class B common shares at $15.00 per share. The offering consisted of 6,250,000 Class B common shares offered by Hamilton Insurance Group Ltd. and 8,750,000 Class B common shares offered by certain current Hamilton Insurance Group Ltd. shareholders. Hamilton Insurance Group Ltd. started trading on the New York Stock Exchange under the symbol “HG” with a market capitalization of ~$1.7bn.

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Insurance Advisory Partners Acted As Exclusive Financial Advisor To Old Republic In Connection With The Sale Of Its Run-Off Mortgage Insurance Business, RMIC, To Arch Capital Group.

On November 13, 2023, Old Republic International Corporation (“ORI”) announced that it has entered into a definitive agreement to sell its run-off mortgage insurance business to Arch Capital Group, Ltd. (“Arch”). ORI’s run-off mortgage insurance business is comprised of RMIC Companies, Inc. and its subsidiaries. In the transaction, Arch U.S. MI Holdings will acquire all of the capital stock of RMIC Companies, Inc. and its subsidiaries for an expected consideration of approximately $140 million.

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Insurance Advisory Partners Rendered A Fairness Opinion To The Board Of Directors Of Midwest Holding Inc. In Connection With The Acquisition by Antarctica Capital

On May 1, 2023, Midwest Holding announced that it is to be acquired by Antarctica Capital for $27.00 per share. Insurance Advisory Partners rendered a fairness opinion to the Board of Directors of Midwest in connection with the transaction.

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Insurance Advisory Partners Acted As Financial Advisor To Assured Guaranty Ltd. On The Announced Contribution Of Assured Investment Management, LLC To Sound Point Capital Management, L.P.

On April 5, 2023, Assured Guaranty Ltd. announced that it will contribute Assured Investment Management, LLC to Sound Point Capital Management, L.P. in return for a 30% equity stake in the combined entity, subject to potential post-closing adjustments. The transaction is expected to be completed in Q3 2023, subject to customary regulatory approval.

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Insurance Advisory Partners Advised Integrum On Its Partnership With And Investment In SRS

On February 27, 2023, Integrum Holdings LP (“Integrum”) announced its partnership with and investment in Strategic Risk Solutions (“SRS”). The newly formed partnership will further enhance SRS’s services within captive insurance and alternative risk markets.

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Insurance Advisory Partners Advised Brookfield On Its Sale To Säkra

February, 2023: Brookfield Underwriting AB (“Brookfield”), a specialty MGA based in Stockholm focused on fine art and high net worth, has been acquired by Säkra AB (“Säkra”), one of Sweden’s largest insurance intermediaries.

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Insurance Advisory Partners Advised UIHC On The Sale Of Certain Assets And The Execution Of A Renewal Rights Agreement With Slide Insurance

On February 1, 2023, United Insurance Holdings Corp. has completed a two-part transaction with Slide Insurance Company. The transaction involved the sale of certain assets to Slide and the execution of a renewal rights agreement.

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Insurance Advisory Partners Advised reThought Insurance Corp. On Its Series B Financing

On January 30, 2023, reThought announced the completion of its Series B financing. The financing round was led by IA Capital Group. Existing investors, Hudson Structured Capital Management, Telstra Ventures, and ArcTern also participated in the round.

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Insurance Advisory Partners Acted As Financial Advisor To Capital Z Partners On Its Commitment To Invest In Fidelis MGU

Fidelis Insurance Holdings Limited (“Fidelis”) announced that it is bifurcating its business into a new Managing General Underwriter (“Fidelis MGU”) and the existing balance sheet insurance companies (“Fidelis Balance Sheet Companies”). Fidelis MGU secured equity investments from an investor group led by Capital Z Partners. Other investors include The Travelers Companies, Inc., Blackstone, Further Global Capital Management, and Alfa Insurance.

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Insurance Advisory Partners Advised ABR Re On Its Primary Issuance Of Common Shares

On July 15, 2022, ABR Reinsurance Capital Holdings Ltd. (“ABR Re”) closed a $210 million primary issuance of common shares. The shares were issued to a privately-held investment firm with over $80bn of assets under management.

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