Aquiline Holdings, the majority owner of Ark Syndicate Management, has reached a provisional agreement to sell the Lloyd's managing agency to Ian Beaton and other senior executives, The Insurance Insider can reveal.
Under the dividend recapitalisation and earn-out deal, the executive team - which also includes director of underwriting David Foreman and CUO Nick Bonnar - would take on senior bank debt and hybrid debt and buy out the managing agency's equity over approximately three years.
Aquiline and the other...
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