Distinguished LLC has engaged Evercore Inc. to run a process that could lead to a potential sale of its New York-based program manager operation, Distinguished Programs Holdings LLC, The Insurance Insider reported May 11.
Distinguished Programs is likely to attract interest from private equity firms and potential trade buyers, according to the report. The program business reported $51.7 million in revenue and $17.1 million in EBITDA in 2016.
Distinguished's other businesses include a Barbados-based captive Distinguished Re and its Certus Claims Administration arm, besides its core Distinguished Programs unit. According to the report, it is unclear if the potential sale process involves all of the Distinguished businesses or only the program unit.
Distinguished in April sold a majority interest in ReSource Pro LLC, an insurance industry solutions provider, to private equity firm DFW Capital Partners Inc.