re: cix goldman sachs redfaces about , page-20

dawes acquisition announced tonight interesting to see CIX announced a specialist agency in the hard-to-place vehicle sector tonight - Dawes.

My recollection is that Dawes is quite a good size agency - $20m+ in GWP (??) placed with Lloyds syndicates.

Announcement does not make clear whether this biz will continue to be run as a freestanding agency or whether CIX will now assume the underwriting risk. My guess is that if CIX is not going to take on 100% of the underwriting immediately, they would almost certainly be planning to cherry-pick underwriting of at least part of the Dawes business.

I expect that this is a pretty good acquisition. If I was guessing an acquisition price (. . . and it would be purely a guess). . . . I would say $5 million.