Sources told Bloomberg that California-based Edgewood Partners Holdings was looking to sell the firm. Edgewood is a property and casualty insurance brokerage company. It is backed by private equity firm Stone Point Capital.
Bank of America Corp was helping Edgewood get offers, the sources said. One person said the price tag for Edgewood which also does business under the name Epic could go as high as USD 200 million.
According to the website of Stone Point, Edgwood had annual revenues of over USD 80 million. It intends to increase that revenue to more than twice within five years. From its current 12 offices, Edgwood also wants to expand operations around the US. Stone Point invested in Edgewood six years ago.
Should the sale push through, Bloomberg reported that it would bring US insurance broker takeovers this year to over USD 6 billion. This would represent more than three times the amount in 2012.
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