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SPACs are Back (on the Table) at Goldman

Deal Lawyers

After being the second-largest underwriter of SPAC IPOs in 2021, the firm made the decision in 2022 not to work with SPACs anymore — through a self-imposed ban on underwriting SPAC IPOs or working on de-SPAC transactions — apparently deeming it too […]

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Robinhood acquires credit card startup X1 for $95M

TechCrunch: M&A

For example, Petal raised $140 million in 2022 at an $800 million valuation. The startup first made headlines for its unique model , which allows it to underwrite customers based on their income rather than their credit scores. So, the purchase price may reflect the dip in fintech valuations we’ve seen in the past six months.

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How the Growth of Private Credit is Impacting Private Equity

OfficeHours

Following the GFC, the government enacted new regulations that limited banks’ abilities to underwrite highly leveraged financing. For example, banks suffered from numerous hung deals in the 2021-2022 timeframe (Citrix, Twitter, and many others), which limited the flexibility banks had to underwrite new financings.

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Representation and Warranty Insurance for M&A Deals: Cooling Market and Emerging Trends

Cooley M&A

As a result of the competition among insurers, we have seen increasingly favorable rates and policy terms for policy purchasers in 2023 and continuing into 2024, as well as carrier expansion into alternative transaction structures and historically harder to underwrite areas, such as healthcare and financial services. of the policy limit.

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James River Announces Agreement to Sell Individual Risk Workers’ Compensation Renewal Rights to Amynta Group

Global Newswire by Notified: M&A

The transaction includes the full operations of the business, including underwriting, loss control and claims, and transfer of the employees supporting the business. The IRWC business produced $53 million of gross written premiums in 2022. It will operate under Amynta Work Comp Solutions.

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Core Specialty Announces Purchase of Security & Alarm Business Renewal Rights and Related Unearned Premium Reserve from Conifer Holdings, Inc.

Global Newswire by Notified: M&A

million in cash for the exclusive right to underwrite the Security & Alarm Business through October 2025, and the renewal rights to such business thereafter, (2) assume the unearned premium reserve associated with the Security & Alarm Business, and (3) purchase $5.0

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Bulge Bracket Banks: 2024 Edition

Mergers and Inquisitions

The name “bulge bracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal. I’m still listing it because it was #9 by global IB revenue in 2021 and 2022, but I would not be surprised if it fell off this list eventually. This does not mean it’s a bad place to work.