Insurance Brokers

Marsh & McLennan declared a quarterly dividend of $0.99 per share, in line with its previous payout. The dividend carries a forward yield of 2.24%. It is payable Nov. 13 to shareholders of record as of Oct. 1, with an ex-dividend date of Oct. 1.

Corning shares fell 12.7% on Monday after the glass and electronic component manufacturer disclosed an at-the-market equity distribution agreement with Goldman Sachs to sell up to $2 billion of its common stock. Baldwin Insurance Group rose 7.9% after announcing a definitive agreement to be taken private through a majority investment by Sequence Holdings and DFO Management in an all-cash deal valued at approximately $7.7 billion. Gartner gained 7.7% as it kicked off its IT Symposium/Xpo conference, highlighting major technology trends and emphasizing how agentic artificial intelligence and modern governance are reshaping public sector operations. Jabil dropped 5.1% after Goldman Sachs lowered its price target on the shares to $375, while Accenture rose 5.2% after Morgan Stanley raised its price target on the stock to $175.

The Baldwin Group has agreed to be taken private in an all-cash transaction valued at approximately $7.7bn by an entity backed by Sequence Holdings and DFO Management, the family office of Dell Technologies founder Michael Dell. Baldwin shareholders will receive $32.50 in cash per share, a premium of approximately 88% to the company's unaffected closing price on 17 June 2026, the day before reports first emerged that it was considering a take-private transaction. The roughly $7.7bn enterprise value comprises an equity purchase price of approximately $4.6bn and around $3.1bn in net debt to be assumed or refinanced. Eligible employees holding equity may roll over part of their holdings into the private company, retaining a significant minority stake alongside Sequence and DFO. The deal, which has no financing condition, was unanimously approved by Baldwin's board and is expected to close in the first quarter of 2027, subject to shareholder approval and regulatory clearances, after which Baldwin's common stock will be delisted from the Nasdaq.

Baldwin Insurance Group has agreed to be taken private through a majority investment by Sequence Holdings and DFO Management in an all-cash deal valued at approximately $7.7 billion. Under the definitive agreement, an entity formed by Sequence Holdings and DFO Management, the family office of Michael Dell, will acquire a majority interest in The Baldwin Group, with shareholders set to receive $32.50 per share in cash. The acquisition values the insurance brokerage at roughly $7.7 billion and offers public investors immediate, certain cash value at a significant premium to the stock's recent trading levels. Shares of the insurance distribution company jumped 7.9% in the afternoon session following the announcement. Baldwin Insurance Group is up 34.3% since the beginning of the year and, at $31.94 per share, has set a new 52-week high.

Michael Dell's family office and Sequence Holdings teamed up to acquire Baldwin Insurance Group Inc. in an all-cash deal valued at $7.7 billion, sending shares of Baldwin, ticker BWIN, moving. SpaceX shares moved after Chief Executive Elon Musk said Sunday on social media platform X that he is "highly confident" the company will launch Nvidia's Vera Rubin NLV72 artificial intelligence computers in space next year. Oracle shares fell as Chairman Larry Ellison canceled his plan to sell as many as 50 million shares in the tech company, a holding worth $7.5 billion.

Michael Dell's family office, DFO Management, is nearing a $7.7 billion take-private deal for The Baldwin Insurance Group, according to Reuters, citing the Financial Times. DFO Management is leading the transaction alongside Sequence Holdings, with the two firms in advanced talks to acquire the insurance brokerage at $32.50 per share, a roughly 10% premium over Baldwin's closing price of $29.65 on Friday. An announcement is expected as soon as Monday. Baldwin, headquartered in Tampa, Florida, provides risk management, insurance advisory, and tech-driven underwriting services and has a market capitalization of around $4.14 billion. In its second-quarter 2026 earnings report, Baldwin posted total revenue of $492.9 million, up 30% from a year earlier, and adjusted diluted earnings per share of 48 cents, up 14% year-over-year. Sequence Holdings, backed by 8VC, Conviction, and Lux Capital, focuses on buying mature service-sector businesses and updating their operations through proprietary software. None of the three firms replied to requests for comment after business hours.

The Baldwin Group has agreed to be taken private by an entity formed by Sequence Holdings and DFO Management, the Dell Family Office, in an all-cash transaction valued at approximately $7.7 billion. Baldwin shareholders will receive $32.50 in cash per share, an approximately 88% premium to the unaffected closing price on June 17, 2026, the day before media reports that the company was exploring a take-private transaction. The $7.7 billion total enterprise value is comprised of an equity purchase price of approximately $4.6 billion and approximately $3.1 billion of net debt assumed or refinanced, representing an implied multiple of approximately 20x Baldwin's trailing-twelve-month Adjusted EBITDA of approximately $396 million. Eligible Baldwin colleagues who currently hold equity will have the opportunity to roll over a portion of their holdings into the private company, retaining a significant minority equity stake alongside Sequence and DFO. The transaction, unanimously approved by Baldwin's Board of Directors following the unanimous recommendation of a Special Committee of independent directors, is expected to close in Q1 2027, subject to shareholder approval and regulatory clearances, after which Baldwin shares will no longer be listed on Nasdaq.

Marsh & McLennan Companies remains well positioned for growth on continued innovation, sales-capacity investments, AI initiatives and strategic acquisitions, according to Zacks Investment Research. The Zacks Consensus Estimate for Marsh's 2026 earnings is $10.44 per share, up 7.1% year over year, with 11 upward revisions in the past 60 days and no downward moves, while 2026 revenue consensus stands at $28.51 billion, implying 5.7% growth. In the second quarter of 2026 total revenues rose 6% year over year and underlying revenues increased 5%, and management consulting grew 13.4% organically, its fastest quarterly growth in more than two years. Marsh repurchased about $750 million of shares in the second quarter, bringing first-half buybacks to $1.5 billion, raised its quarterly dividend by 10% for a 17th consecutive year of increases, and expects to deploy roughly $5.5 billion of capital in 2026 across dividends, acquisitions and repurchases. The company still faces cost pressures, with second-quarter expenses up 7% and outpacing revenue growth, total debt of $18.9 billion against $1.7 billion of cash as of June 2026, and a forward 12-month P/E of 15.98X versus the industry average of 13.51X.

Arthur J. Gallagher & Co. reported that its Risk Management business, Gallagher Bassett, grew revenue 16% in the second quarter of 2026, including 12% organic growth, outpacing the 5% organic growth in its Brokerage segment. Management attributed the performance to strong new business and client retention, with clients seeking broader risk-management solutions. Notably, only about 1% of organic growth comes from higher insurance rates, making the 12% organic growth significant as pricing slows. Gallagher Bassett offers claims management, workers' compensation, risk consulting, and analytics, and AJG is enhancing its offerings with technology like Gallagher Blueprint. This shift could help sustain revenue growth even if insurance pricing becomes a smaller driver. Among peers, Willis Towers Watson's Risk & Broking revenue rose 11% to $1.16 billion with 7% organic growth, while Aon's Commercial Risk Solutions posted 5% organic growth. AJG shares have declined 12.2% over the past year, and the stock trades at a P/E of 18.26 versus the industry's 16.18. The Zacks Consensus Estimate for 2026 EPS implies a 24.2% year-over-year increase, with revenue expected at $13.3 billion, up 20.4%.

TQM has announced an increase in its dividend payout policy. Analysts from Kasikorn Securities expect the company to pay dividends per share of 1.30, 1.33, and 1.38 baht for 2026-2028, respectively, representing payout ratios of 108%, 105%, and 105%, and dividend yields of 7.7%, 7.8%, and 8.2%. They believe this level of payout is sustainable, supported by dividend income from subsidiaries of approximately 700 million baht per year and cash held by subsidiaries of around 1.3 billion baht. Meanwhile, they expect motor insurance sales to strengthen and gross profit margin to recover in the second half of 2026, with GPM expected to peak in the fourth quarter of 2026. However, they remain cautious about high competition and weak purchasing power, thus maintaining their 2026 normalized profit forecast at 719 million baht. They also expect one subsidiary to be listed on the stock exchange in the fourth quarter of 2026, which could create synergies with the core business in the long term. Although this factor is not yet included in the valuation, they expect to recognize gains from the revaluation of the investment in the fourth quarter of 2026. Consequently, they have raised the target price by 20% to 19.1 baht from 15.9 baht, mainly due to the upward revision of dividend estimates. The company also maintains its share buyback program of 300 million baht, of which 177.7 million baht (59.2%) has been used, with the program set to end on August 31.

The financial sector posted a modest 0.54% gain in August, slightly outperforming the S&P 500's 0.11% rise, with Robinhood Markets surging 36.03% as the top performer and Aon falling 10.53% as the worst. Robinhood's rally was fueled by record second-quarter revenue of $1.31 billion, up 32% year over year, and stronger cryptocurrency trading volumes as Bitcoin prices recovered. Coinbase Global climbed 27.56% on record crypto market share and positive adjusted EBITDA, while FactSet Research Systems advanced 10.31% on strong organic revenue growth. On the downside, Aon dropped 10.53% after its $17 billion USI acquisition, funded with new debt, pressured the stock, and PayPal Holdings fell 8.30% following the collapse of a reported $53 billion takeover pursuit by Advent International and Stripe. Analyst Ian Bezek noted that financial stocks were driven more by company-specific factors than broad trends, with uncertainty over interest rates keeping many bank and insurance shares in a holding pattern until the Federal Reserve clarifies its policy path.

Aon plc has agreed to acquire USI Insurance Services for $17 billion in cash, a deal that extends its U.S. middle-market expansion following the $13 billion NFP acquisition in 2024. USI generates approximately $3 billion in annual revenue, and the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Aon plans to fund the purchase with new debt, and projects $395 million in annual run-rate net adjusted EBITDA impact, including $115 million from revenue synergies and $280 million in cost savings. The net purchase price is approximately $16.7 billion after tax attributes, equating to 14.5 times synergized adjusted EBITDA of roughly $1.15 billion. Aon expects the deal to dilute adjusted EPS in 2027 but become accretive in 2028, with leverage rising to 4.8 times at closing before returning to its 2.8 to 3.0 times target within about 24 months.

Aon plc is making a major push to strengthen its position in the U.S. insurance brokerage market with a $17 billion acquisition of USI Insurance Services from KKR and other shareholders. USI, the 10th-largest U.S. insurance broker, generates about $3 billion in annual revenues, employs more than 10,500 people, and operates nearly 200 offices across the country. The transaction builds on Aon's $13.4 billion acquisition of NFP in 2024 and significantly expands its footprint across the more than $40 billion U.S. middle-market segment. Expected to close in the fourth quarter of 2026, the acquisition will expand Aon's access to specialty insurance and the Excess & Surplus segment while adding USI's proprietary analytics capabilities to Aon's broader data platform. Aon expects the combination to generate around $395 million in annual net adjusted EBITDA benefits through revenue and cost synergies, with adjusted EPS expected to become accretive in 2028. The opportunity is attractive, but the transaction value leaves little room for operational missteps, as Aon is paying $16.7 billion net of certain tax attributes, or about 14.5 times synergized trailing adjusted EBITDA, while funding the purchase with new debt. Overall, this transaction is strategically strong but financially demanding, with Aon taking on more debt in exchange for a larger platform and stronger growth prospects. While the near-term suspension of share repurchases may weigh on shareholder returns, prioritizing debt repayment should improve financial flexibility. If Aon successfully integrates USI, realizes the planned synergies, and steadily reduces leverage, the acquisition could become a meaningful earnings driver and create lasting value for shareholders.

Easy Lending Company, part of TQM Alpha Public Company Limited, has signed a memorandum of understanding with Sitron Power Public Company Limited to launch the Solar Plus project, offering loans for solar rooftop installation with up to 60 monthly installments, a special fixed interest rate of 0.65-0.71% per month, and starting installments of approximately 2,1XX baht per month. The initiative aims to reduce cost barriers and increase public access to clean energy, aligning with the company's Green Finance approach and supporting the country's Net Zero goals. The collaboration also includes offering solar panel system insurance and loan protection insurance to provide long-term consumer confidence.

Aon has agreed to acquire U.S. middle-market insurance broker USI in an all-cash deal valued at approximately $17 billion, or $16.7 billion net of certain tax attributes, with the transaction expected to close in the fourth quarter of 2026. The acquisition aims to create a premier U.S. middle-market platform by combining Aon, USI, and NFP, expanding capabilities in property and casualty, employee benefits, personal risk, and retirement solutions. USI Chairman and CEO Mike Sicard is set to become Aon's president and global CEO of Middle Market, leading the combined platform. The middle-market segment represents about one-third of the U.S. commercial property-and-casualty market, with an addressable market of more than $40 billion, and the combined platform is expected to generate $6.5 billion in revenue. Aon plans to finance the deal with newly issued debt, expects $395 million in synergies, and anticipates the acquisition to be accretive to earnings per share by 2028.

Wall Street opened lower on Monday as US military strikes on Iranian rocket launchers and Iran's missile fire at a US airbase in Jordan rattled markets, while Federal Reserve Chair Kevin Warsh's hawkish tone on inflation at Jackson Hole boosted rate-hike bets. The Dow Jones Industrial Average fell 294 points, or 0.6%, to 53,266, the S&P 500 dropped 32 points, or 0.4%, to 7,680, and the Nasdaq Composite was down 102 points, or 0.4%, at 26,300. In energy news, President Donald Trump said the US had struck a deal to control Venezuelan oil supplies, taking a 35% passive stake in a Venezuelan oil company and securing preferential rights to purchase 20% of its production at cost. On the corporate front, PG&E shares fell 10% after California legislators rejected a bill limiting utilities' wildfire liability, while Aon agreed to acquire insurance brokerage USI for $17 billion from KKR, and Apollo agreed to sell data-center cooling provider Kelvion to SLB for over $3 billion. Investors now await the ISM manufacturing index on Tuesday and August nonfarm payrolls on Friday, with earnings from Broadcom and Dell due this week.

TQM Alpha Public Company Limited, or TQM, announced the conclusion of its second share buyback program for financial management purposes, with a total expenditure of 177,673,430 baht. The company repurchased 12,525,900 shares, representing 2.09 percent of all issued shares. The program was approved by the company's board of directors on February 26, 2026, with a budget not exceeding 300,000,000 baht and a maximum of 20,000,000 shares, or no more than 3.37 percent of total shares. The buyback period ran from March 10 to August 31, 2026. For shares repurchased under both the first and second programs, the company will consider selling them within three years from the completion of the buyback, with a possible extension of up to two more years if approved by the shareholders' meeting and if the three-month historical share price is lower than the average buyback price. If the shares are not fully sold within the specified period, the company must reduce its capital by canceling the repurchased shares. Details of the sale will be proposed to the board of directors.

Insurance broker Aon announced on Monday it will purchase rival USI Insurance Services from private equity firm KKR in a $17 billion deal funded with new debt, expected to close in the fourth quarter pending regulatory approvals. CEO Greg Case said on CNBC's "Squawk Box" that the merger will create the "premier U.S. middle-market platform," enabling Aon to serve the 200,000 middle-market companies and their 48 million employees. The acquisition builds on Aon's purchase of NFP in 2024, another middle-market broker. USI, the tenth largest insurance broker in the U.S., has over $3 billion in annual revenue and more than 10,500 employees. Upon closing, USI CEO Mike Sicard will become Aon's president and global CEO of middle market. Aon shares slipped about 1% in premarket trading, but Case called the opportunity "maybe the greatest I've seen in my 20-year career as CEO."

Aon has agreed to acquire insurance broker USI from private equity firm KKR and other shareholders in a transaction valued at $17 billion, a move that establishes the premier platform in the large and growing US middle-market segment. USI, the tenth-largest insurance brokerage in the US, generates roughly $3 billion in yearly turnover and employs over 10,500 personnel across nearly 200 domestic branches. The takeover also gives Aon wider direct reach into the excess and surplus lines arena, which accounts for 26% of US commercial property and casualty premiums. Aon projects the transaction will generate around $395 million in annual run-rate net adjusted EBITDA through synergies, and expects it to become accretive to adjusted earnings per share from 2028. Upon completion, USI's current chairman and CEO Mike Sicard will become president of Aon and global CEO of middle market, reporting directly to Aon CEO Greg Case.

Aon has agreed to acquire USI Insurance Services from KKR and other shareholders for $17 billion in cash, extending its push into the U.S. middle-market insurance segment following its $13 billion purchase of NFP in 2024. USI, the tenth largest U.S. insurance broker, generates approximately $3 billion in annual revenue and employs more than 10,500 people across nearly 200 offices. The deal strengthens Aon's foothold in the middle-market segment, valued at over $40 billion, and expands its reach into the excess and surplus insurance segment, which accounts for 26% of U.S. commercial property and casualty premiums. Aon expects to fund the acquisition entirely through new debt and anticipates remaining investment-grade rated, with the deal expected to add to adjusted earnings per share in 2028 and generate $395 million in annual run-rate net adjusted EBITDA from synergies. The transaction, signed on August 30, 2026, is subject to regulatory approvals and is expected to close in the fourth quarter of 2026. For KKR, the sale delivers approximately six times its return on a 2017 investment and a 3.4 times return on capital across the full life of its USI position.

In premarket trading, Chevron and other energy stocks rose as U.S. oil prices climbed more than 3% following U.S.-Iran strikes in the Middle East, with Halliburton up over 2.5% and Chevron up 2%. PG&E plunged 16% after California lawmakers blocked a proposal to limit wildfire liability, prompting downgrades from analysts including Mizuho. GameStop jumped 4% after reporting preliminary second-quarter results, expecting higher operating and net income despite lower net sales. Aon slipped 1.8% after announcing a $17 billion deal to buy USI Insurance Services from KKR. Pinterest fell over 3% as CFO Julia Brau Donnelly departs, with Vikram Naidu as interim replacement. Deere rose 1% on a Baird upgrade.

Aon is close to signing a deal to buy USI Insurance, a Valhalla, New York-based insurance brokerage backed by KKR, for around $17 billion including debt, according to the Wall Street Journal. The deal could be announced as soon as Monday. Aon, with a market value of roughly $75 billion, would acquire a firm generating about $3 billion in annual revenue, implying a purchase multiple of roughly 5.7 times sales. For KKR, the transaction would mark a significant payday on an investment that has appreciated dramatically since it acquired USI alongside Canadian pension investor CDPQ from Onex in 2017 for $4.3 billion. The potential deal extends Aon's pattern of midmarket brokerage acquisitions, following its 2024 purchase of NFP for about $13 billion. An earlier attempt by Aon to merge with Willis Towers Watson collapsed in 2021 due to antitrust objections.

Aon is close to acquiring USI Insurance Services from private-equity firm KKR in a transaction valued at roughly $17 billion including debt, according to The Wall Street Journal. The insurance brokerage could announce the agreement as early as Monday, though the timing depends on successful talks. The acquisition would mark a major expansion for Aon, strengthening its position in the competitive commercial insurance brokerage market. For KKR, the sale would provide an exit from one of its sizable insurance-services investments. Neither Aon, KKR, nor USI had announced an agreement at the time of the report.

Aon plans to launch Totalis Specialty Group, combining NFP Totalis Program Underwriters and Aon Affinity's U.S. programs business under one brand, a move that aligns specialty underwriting, program administration, and distribution under a single approach. The new unit will oversee more than US$5.5 billion in U.S. premium volume within Aon's specialty business, reinforcing the company's strategy of leveraging acquisitions and middle-market opportunities to build focused platforms. This consolidation is part of a broader effort to coordinate specialty offerings across Aon's global footprint, which spans the Americas, Europe, the Middle East, Africa, and Asia Pacific. Investors will look for further details in early 2027, including program count, premium handled, and cost savings, and how tightly Totalis integrates with NFP's middle-market segment and Aon Business Services.

Arthur J. Gallagher reported that its revenue has grown about 20% annually over the past two years and earnings per share have increased about 18.5% annually over the past five years, alongside a free cash flow margin of roughly 17.3%. Management also disclosed that AJG has about US$10,000,000,000 of capacity for acquisitions over the next two years, backed by solid free cash generation. The company's narrative projects $20.5 billion revenue and $3.0 billion earnings by 2029, requiring 10.6% yearly revenue growth and about a $1.4 billion earnings increase from $1.6 billion today. Some cautious analysts were assuming revenue of about US$20,400,000,000 and earnings of roughly US$2,700,000,000 by 2029, far less enthusiastic than the consensus view.

Arthur J. Gallagher & Co. projects total company organic growth of 6% for 2026, with brokerage at 5.5% and risk management at 9%. The company reported 24% total revenue growth in the second quarter of 2026 for its combined Brokerage and Risk Management segments, including 6% organic growth. Management highlighted its 25th consecutive quarter of double-digit adjusted EBITDAC growth and continued underlying margin expansion. The integration of AssuredPartners is nearly a year along, with strong retention and collaboration reported. Peers Brown & Brown and Willis Towers Watson posted mixed organic results, with Brown & Brown declining 0.7% and Willis Towers Watson growing 5% in the same period.

Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has closed a $154.7 million private placement funded entirely in cryptocurrency. A syndicate of non-U.S. investors paid for the raise by contributing 2,380 Bitcoin directly to a company wallet, valued at a reference price of $65,000 each as of July 30. In exchange, the investors received 442 million units priced at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant, with roughly 396 million units delivered at closing and the remainder subject to shareholder approval. Director Botao Ma called the financing one of the most transformational moments in the company's decade-long history, saying it strengthens Zhibao's financial base and positions it to expand its AI-driven insurance products. The move adds Zhibao to a growing list of public companies holding Bitcoin on their balance sheets, though its all-crypto funding structure differs from the cash-raise-then-buy model used by most treasury firms.

Accelerant Holdings has agreed to be acquired by Thoma Bravo in an all-cash deal with an enterprise value of more than $4 billion, just over a year after its IPO. Class A and Class B shareholders will receive $20.25 per share, a 49% premium to the August 12 price but still below the $21 IPO price from July 2025. The company's independent Special Committee recommended the transaction and the board approved it unanimously, with Altamont Capital Partners, which holds about 82% of voting rights, supporting the deal and retaining some equity. Accelerant's second-quarter 2026 revenue rose 62.9% year over year to $356.9 million, net income jumped to $80 million from $13.1 million, and adjusted EBITDA reached $93.1 million. The deal is expected to close in the first half of 2027.

TQM Alpha Public Company Limited, or TQM, reported second-quarter net profit for 2026 of 185.3 million baht, up 8.0% from the same period last year. Total revenue came in at 976.8 million baht, an increase of 1.5% from a year earlier, supported by a recovery in voluntary motor insurance business in line with domestic car sales and higher health insurance commission income driven by medical inflation. The board of directors approved an interim dividend from first-half 2026 results at 0.65 baht per share, totaling 378 million baht. The ex-dividend date, or XD, is set for 27 August 2026, with payment on 10 September 2026. The company targets average growth of 5 to 7 percent per year through 2028 via its Jump+ strategy and is preparing for the implementation of the e-Payment system under the timeline set by the Office of Insurance Commission.

Netflix shares rose 5.4% after Bill Ackman's Pershing Square disclosed a new stake in the streaming company. Tapestry shares plunged 16.5% after the company reported fourth-quarter 2026 revenues of $1.88 billion, missing the Zacks Consensus Estimate by 0.04%. Arcos Dorados Holdings shares rose 3% after the company reported second-quarter 2026 earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.15 per share. Accelerant Holdings shares climbed 43.4% after the company reported second-quarter 2026 earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.16 per share.

Abacus Global Management has authorized a $100 million share repurchase program, commencing August 17. The board's decision aligns with the company's capital allocation framework. CEO Jay Jackson said the authorization reflects confidence in the company's vision, business model, and ability to generate attractive returns on capital. Abacus expects to fund the repurchase program through cash on hand.