SSP sale - US link to SSP private equity deal
Andrew Tjaardstra reports on the increase in the value of software houses that saw Towergate spend £275m on Open GI last year. Now, a private equity firm has splashed out almost £200m on SSP
Software house ssp has been bought by San Francisco-based private equity firm Hellman and Friedman for 190p a share, valuing SSP at £198m including £38m debt, approximately 11 times the firm's projected £18.8m earnings before interest tax, depreciation and amortisation for the current fiscal year.
H&F owns Vertafore in the US already, which supplies software to over 15,000 independent insurance agencies and 150,000 end-users. One senior source at a UK broker software house suggested that H&F
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Acrisure UK boss happy with deal pipeline as he dismisses “myth” of diminishing targets
The boss of Acrisure’s UK retail business has rebuffed suggestions it has missed the boat in terms of having the best pick of suitable broking acquisitions – and pointed to its ownership structure and “myth” about size of potential target base as factors in its favour.
Biba 2025 Countdown: Pen Underwriting’s Sarah Breslin
With just a day to go until the Biba conference Sarah Breslin, managing director for commercial UK & Ireland at Pen Underwriting, is promising a big, bold and colourful stand from the MGA, with a hint of Minecraft as she relishes the chance to talk about all Pen can offer and do business.
Meet the MGA: Shape Underwriting
Mandy Hunt, managing director of Shape Underwriting, explains the logic behind rebranding the Clear MGA business; outlines its holistic approach to acquisitions; and pinpoints the importance of recruiting staff who understand collaboration, integrity and honesty.
Biba seeks insurer meetings after publishing disclosure advice
The British Insurance Brokers’ Association has launched cross industry guidance that it hopes will reduce misunderstandings over what should have been disclosed when cover was taken out - which in some cases will cause a claim to be repudiated or reduced.
Newbie News: CastleBridge Risk Solutions
CastleBridge Risk Solutions founders, Tim Grant and James Dunsby, tell Insurance Age how the business will focus on service, the importance of relationships, and all about its partnership with Cornerstone Finance Group and Imperial Chartered.
Interview: Duncan Pritchard, CEO of Commercial Express
Last year Commercial Express garnered extensive attention from the broker community with its slew of eye-catching product launches, CEO Duncan Pritchard tells Insurance Age about the growth of the business and what is coming next.
Biba 2025 Countdown: Crawford & Company’s Paul Lofkin
The Biba conference starts tomorrow and Paul Lofkin, president, UK & Ireland at Crawford & Company, explains why technology should be embedded at the heart of modern broking; tips its limited-edition tote bags to be the envy of the event; and reveals its plan to bring Cuban flair to the gathering.
Only 20% of brokers working with AI – Open GI warns of smaller broker ‘gulf’
Research from Open GI has found as many as 80% of insurance brokers have yet to implement AI into their business, with the software house warning of a “gulf” between the progress of national brokers and smaller regional firms when it comes to gaining an advantage from early AI adoption.