Mitsui Sumitomo and former Ascot CEO Martin Reith are no longer in the running to buy the up-for-sale Lloyd's insurer Hardy Underwriting, the latest issue of The Insurance Insider revealed yesterday.
The circumstances surrounding Mitsui Sumitomo's withdrawal are not known, but multiple sources have said that Hardy was looking to reduce the field following the submission of indicative offers earlier this month.
Reith, who is understood to have private equity backing from the likes of Vestar Capital, Stone Point and...
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