Private Equity Deals with Capital Allocators TigerRisk – Chris Ackerman (Flexpoint Ford), (S3.EP.01)
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Sep 6, 2023 Chris Ackerman, Managing Director at Flexpoint Ford, discusses the history and differentiation of TigerRisk as a leading reinsurance broker. They cover the impact of Covid on the deal process and lessons learned. The podcast also explores due diligence, identifying growth opportunities, considering existential risks, and unlocking new opportunities in the reinsurance industry.
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Talent Not Acquisitions Drove Growth
- Growth depended on hiring senior talent rather than industry consolidation or tuck-ins.
- A market consolidation rumor (AON/Willis) created a valuable 'free call option' for talent and client disruption.
Closing During COVID Chaos
- The LOI arrived in Feb 2020 and COVID hit, causing lenders to pull and a pause before close.
- FlexPoint restructured seniority and asked employees to take seller notes to preserve valuation and proceed.
Focus On Long-Term Win Rights
- When facing unprecedented risk, model downside and ensure the capital structure can survive bumps.
- Ask whether the company has the right to win over five to seven years before committing capital.