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The fundraising structure for the deal includes a $600mn Convex debt raise.
The broker has more than 20 years’ experience in the energy market.
Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
The broker said it was on track to hit its financial goals despite macro uncertainty.
Greenberg has strong links with IQUW management, and praised the firm’s leadership and cultural fit.
The revised outlooks reflect the difficult moment as Everest moves away from retail.
In insurance, premium growth came from all lines of business except cyber.
Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
This publication revealed that Starr was zeroing in on the deal earlier today.
The parties could announce the transaction soon, according to sources.
Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
AIG has agreed to pay Everest $10mn per month for nine months for transition services.
The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
Despite the pricing pressure, margins for the line of business remain attractive, he added.
The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
The MGU’s second syndicate launch was delayed from January 2025.
Matthew Hogg joined Liberty Specialty Markets in 2010.
Under the terms of the offer, shareholders would receive A$45 for each AUB share.
Consolidated NWP reduction was driven by the reinsurance segment, partly attributable to two transactions in Q3 2024.
The global insurer will pick up a $650mn portfolio of US casualty business.
AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
Competitor news
Competitor news
Competitor news
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The broker will join Ron Borys’ financial lines team. -
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APIP is one of the world’s largest property programs.
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Behind the Headlines Podcast
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In Partnership with Swiss ReThe global construction industry continues to expand, says Jimmy Keime, Head of Engineering and Nuclear, for Swiss Re.
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In Partnership with Swiss ReAhead of the upcoming Baden-Baden Reinsurance Meeting, top of mind for many are climate, economy and geopolitics, says Nikhil da Victoria Lobo, Head of P and C Reinsurance for Western and Southern Europe and Middle East and Africa for Swiss Re.
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IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?
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What’s driving the wave of shifting ownership structures in the Lloyd’s market?
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How does Lloyd’s plan to secure its future as a leading global marketplace?
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What’s next for the reinsurance market as Monte Carlo approaches?
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In partnership with M&A ServicesJoin Insurance Insider, in partnership with M&A Services, for a free webinar 10:30 EDT/15:30 BST on Sept. 24
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What happens when a global broker network decides to fill a gap in the London market itself?
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In Partnership With MarkelJoin Insurance Insider for a free webinar, in partnership with Markel, 10:30 EST/ 15:30 GMT, Nov 5
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In Partnership With VeriskJoin Insurance Insider, in partnership with Verisk, for a free webinar at 10:30 EDT/15:30 BST on 29 September
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What does it take to turn a family-run insurance group into a global powerhouse?
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In Partnership with Moody'sJoin Insurance Insider, in partnership with Moody’s, for a free webinar at 10:30 EDT/15:30 BST on 30 September
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How is The Fidelis Partnership choosing to launch into new insurance classes as it rapidly expands?
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Is the ransomware threat really getting worse – or just more visible?
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Is the huge growth experienced by the MGA sector run out of steam?
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What’s next for Conduit Re’s strategy following a leadership shake-up?
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Are intermediaries facing tougher times as the broking supercycle winds down?
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What does it take to stay profitable as the insurance cycle shifts — and why is leadership diversity still lagging in the London market?
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In Partnership With AXISJoin us for a free webinar, 10:30 ET/ 15:30 BST on Aug 19, hosted by Insurance Insider and AXIS to explore how the insurance industry is adapting to these challenges.
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In Partnership With QlikJoin Insurance Insider, in partnership with Qlik, for a free webinar, 10:30 EDT/15:30 BST on July 24, as we explore the next frontier of AI in insurance.
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In Partnership With GuidewireJoin Insurance Insider for a free webinar, offered in partnership with Guidewire Software, 10:30 EDT/15:30 BST on Aug 14.
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In Partnership With MarkelPrivate equity investors may not have the same timeline as the multi-year construction projects they’ve invested in, which could leave surety writers holding the keys if private equity walks away, said Mike Keimig, president and CEO of Markel Surety.
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Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?
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What does the bustling insurance industry of today have in common with the coffee shops of the seventeenth century?
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What are the potential consequences for businesses amid escalating loss costs in the US casualty market?
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Is the MGA start-up boom here to stay?
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In Partnership With Allianz CommericalHow does a young insurance company surpass growth expectations and successfully reposition itself in the market as a fully independent player?
From our other titles
From our other titles
From our other titles
From Insurance Insider US
‘We’re holding ourselves accountable’: CA insurance commissioner Lara
California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
From Insurance Insider US
Claims frequency in physicians medmal starting to creep up: Doctors president
Despite tort reform, physicians’ insurers are struggling with the same loss inflation challenges as other liability peers.
From Insurance Insider
CNA Hardy names Booth head of specialty as Berman departs
Ariel Berman joined the company as head of specialty in 2023.
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Ascendex launches with plans for 5-7 programs in two years
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From Insurance Insider ILS
Hannover Re outlines ILS plans as Ludolphs to retire at end of 2026
Hannover Re Capital Partners is in talks with two investors for 1 January launch.
From Insurance Insider
Property cat aggregate placement grew 50% in 2025: Aon
Supply for property outstrips demand, but the casualty market is “bifurcated”.
Insurance Insider US provides robust insights, sharp analysis and exclusive news on the London and global (re)insurance markets.
Insurance Insider ILS provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.