Private equity firms GTCR and Apax Partners are considering options for Florida-based AssuredPartners, Bloomberg has reported, citing sources.
The options include divestiture of a part or complete stake in the insurance broker in a deal that could be valued at up to $16bn, comprising debt, sources said.
An initial public offering of AssuredPartners is also being weighed in by the equity firms.
A full-service insurance broker, AssuredPartners focuses on distributing commercial insurance, risk management and employee benefits.
From the launch of the insurance agency in 2011 until business disposal to Apax VIII in 2015, GTCR owned AssuredPartners.
Apax VIII is a fund that is advised by Apax Partners.
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Subsequently, in February 2019, GTCR announced a buyback of the stakes in AssuredPartners from Apax VIII for $5.1bn.
Earlier this year, AssuredPartners announced key leadership changes with the appointment of Randy Larsen as its CEO and Paul Vredenburg as its new president and COO.
Larsen and Vredenburg assumed the new roles on 1 September 2023.
AssuredPartners was on an acquisition spree last year. In November, it announced plans to buy Ireland-based O’Callaghan Insurances for an undisclosed sum.
In August 2022, AssuredPartners completed the acquisition of AVID Risk Solutions.
The company is now expected to report annual earnings before interest, taxes, depreciation and amortisation of nearly $850m, an undisclosed source added.