Icat draws CFC-level multiple in Schinnerer sale

US property cat insurance player Icat has again demonstrated the
frenzied levels of interest in MGA assets with its high-multiple
sale to Marsh's the Schinnerer Group.
The deal also flagged the continued blurring of the lines
between broking and underwriting businesses.
The Schinnerer Group announced on 10 August that it had
prevailed in the sale process run by Icat's backers, which
included hedge fund Elliott Management and Wand Partners.
The terms of the deal were not disclosed, but sources ha