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The 100% equity award will vest in full after five years.
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Accusations levelled at the firm include verbal abuse, unwanted physical contact and bullying.
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The carrier will reassess the market in the fourth quarter, or early in 2025.
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A fresh investor will be needed to put meaningful cash on the table for a US retail deal.
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Available net cash proceeds on closing are now down ~$100mn to $65mn-$110mn
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A thriving competitive intermediary market is what keeps London fresh.
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The MGA has seen a “significant uptick” in dealmaking in the sector.
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The legacy carrier is to buy the captive from a “very large” multinational firm.
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The vehicle has made at least 19 acquisitions since its 2020 purchase by HGGC.
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The deal gives follow form binding authority on behalf of syndicates 1609 and 5399.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms.”
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Ageas made headlines this year following an attempt to acquire Direct Line.
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The MGA was founded by Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
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Increasingly, deals are being brought to market but not transacted on.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
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The MGA platform has been under auction since last year.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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The Singapore sovereign wealth fund has taken over GIC’s holdings in the broker.
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