New York City, New York, 10065. Founded by former Goldman Sachs Partner Gerald Cardinale, RedBird has invested and/or led $2.5 billion of equity to support its entrepreneur-led platforms, connecting patient capital with business founders to help them outperform operationally, financially and strategically. We appreciate and support your work. Dan currently sits on several boards across the RedBird investment portfolio, including (i) Compass Datacenters, a developer and owner of wholesale build-to-suit data centers for hyperscale cloud, software, and enterprise customers; (ii) Constellation Affiliated Partners, a platform buy-and-build of managing general agents in the insurance distribution space; (iii) … Bill Goldstein-led consolidator platform Constellation Affiliated Partners has already completed a number of acquisitions including a buy-in to MGA and wholesale broking platform Allstar Financial, The Insurer can reveal. Bill Goldstein-led consolidator platform Constellation Affiliated Partners has already completed a number of acquisitions including a buy-in to MGA and wholesale broking platform Allstar Financial, As first reported by this publication last year, former Integro CEO Goldstein had The platform was officially launched earlier this year and is understood to have already concluded several transactions as it targets specialty MGAs, program administrators and wholesalers.RedBird has been active in the financial institutions space with deals to buy alternative asset management platform Vida Capital and life insurance-focused asset manager Avmont.Although Constellation has been executing its M&A strategy largely under the radar, sources said that the completed deals represent $900mn+ of premium volume and an estimated $35mn+ of Ebitda.Constellation is understood to have a flexible approach to the ownership structure in deals which can see it take full or partial stakes in intermediaries.Although its acquisitions so far are understood to have focused on North America, it has also shown an appetite for potential deals in the UK.The biggest transaction so far is a deal to take a significant stake in Atlanta-based Allstar Financial, which includes a number of program administrators and MGAs in its stable, including Prime Specialty and Venture Underwriters.At the time it was reported that the company wrote and placed premium volume in excess of $550mn, with revenues of around $165mn.Its various program and MGA subsidiaries write a range of segments, with Prime Specialty focused on construction, Venture Underwriters on primary and excess liability, Allstar Transportation writing commercial auto including trucking, and other MGAs specializing in surety, forestry and logging.The group’s Arkon Special Risk operation is a wholesale broker specializing in commercial general liability, excess liability, property, inland marine, environmental and liquor liability in the Northeast of the US.
RedBird Capital Partners is a New York and Dallas based principal investment firm.RedBird Capital Partners is a principal investment firm which provides flexible, long-term capital to help entrepreneurs grow their businesses. Meet Constellation's senior leadership and Board of Directors, leaders who work to support care teams and improve business results for our customers. All rights reserved. Vendor Member.
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Location. Street Address 667 Madison Avenue. Top aggregators, brokers, consultants, and channel partners can join our extensive third-party network to provide market intelligence, improved execution capabilities, and new power, natural gas and renewable solutions to meet their customers’ energy needs. Postal Code 10065. RedBird has also had a long-term affiliation with Canadian pension fund Ontario Teachers.Constellation’s bid to consolidate in the MGA, program and wholesale space comes at a time when M&A continues to be active despite the Covid-19 impact that means deal volume will not keep pace with the record numbers seen in the last couple of years.In the distribution space, investors – led by private equity – continue to be drawn to the appeal of brokers, MGAs and program administrators as cash businesses that generate fee and commission-based income, leading to a record volume of deals.There has been talk of multiples being affected by uncertainty around the Covid-19 impact on businesses – and potential sellers that focus on directly hit segments such as hospitality will have either significantly recalibrated or taken themselves off the table.But generally, with hard market pricing offsetting the macroeconomic impact in many segments of the program and wholesale sector, sources have said that valuations have not taken a significant dent.Instead the main changes appear to be around structure of deals and the way consideration is paid, with a much greater weighting to the earn-out phase than upfront payment.Consolidation platforms are typically able to benefit from the natural arbitrage between a scaled business and the higher multiple it is valued at and the lower multiples it can roll-up smaller firms for.They can also build value by offering more efficient tech and operating platforms that acquisitions can plug into, as well as providing economies of scale, larger geographic footprints and cross-sell opportunities.UK motor insurer Admiral has rejected approaches from interested buyers for its price comparison business, outgoing CEO David Stevens has said.
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