Ardonagh
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The report predicts broker M&A will continue at pace.
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The £31mn deal includes MGA Geo Underwriting.
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The insurance group has exchanged debt notes alongside the transaction.
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MGA business returns to the black as specialty and international business remain flat.
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Geo Underwriting's commercial lines businesses move over to Arch Insurance Europe.
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Both sides have walked away from a potential deal at a late stage.
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The end of the review trounces Ardonagh's hopes of securing the MGA.
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The deal partners announce a long-term claims handling and loss adjusting agreement.
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The former RFIB CEO will replace Russell Benzies next week.
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The buyer says it will "monetise" certain Swinton assets and draw on committed bank debt to help finance the deal. -
Richard Ward will take over Newman’s responsibilities as specialty chief at Ardonagh.
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The negotiations enter an advanced stage as the David Ross-led bidder continues to pursue MGA Nexus and work on the sale of its UK general commercial MGA.
