Dual Group, the underwriting arm of London-based brokers Howden Group Holdings Ltd., agreed on Thursday to acquire Align Financial Holdings, a San Diego-based general agency and underwriting management group, for $ 800 million.
The deal will create an international subscription group with over $ 2 billion in gross premiums and 1,000 employees operating in 16 countries, according to a statement announcing the deal.
Kieran Sweeney, founder and CEO of Align, will lead the combined U.S. operations, backed by Jim O & # 39; Connor, CEO of Dual North America Inc. and John Johnson, president of Align, the statement said.
Mr. Sweeney will also be the Chairman of Dual Group Global and a member of the Howden Group's Executive Committee.
Align, which has 290 employees in the United States, all of whom will join Dual, annually writes over $ 630 million in gross premiums through its commercial accident, disaster for commercial real estate, personal property and surety companies. [1
The deal also adds underwriting product expertise, Clapham said. "The size of the combined companies will open more doors to attract new talent, new capabilities and improve data and analytics capabilities," he said. 19659002] Adjust CEO Sweeney said that when the deal is completed, approximately 50% of the combined group's operations will come from the Americas, the rest from the Asia-Pacific region, the United Kingdom and continental Europe. Until now, Align has only operated in the US
the ability to cross-fertilize our expertise in the United States more as we gain a greater understanding of Dual's international operations, "he said.
" We are a significant $ 200 million player leaves in the real estate disaster space in the United States. The analysis and modeling functions and technologies we have built are … very deliverable in the combined business, says Sweeney.
The acquisition includes all four of Align's general offices that operate: Align General Insurance Agency LLC, a non-life insurance company; Catalytic Risk Managers & Insurance Agency LLC, a real estate disaster management program; Nalico General Agency, Inc., a personal property specialist draftsman; and its guarantee business, Deposit Choice; as well as its claims adjustment companies Align Claims Services Inc. and Catalytic Claims Services Inc.
Subject to regulatory approval, the transaction is scheduled to be completed October 1