Castel
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock. -
Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Nirvana Risk Partners was founded by Rob Jones in 2017 as a division of Castel Underwriting Agencies’ MGA formation platform.
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There have been numerous exits and entries in the class following major Covid-19 losses.
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The ratings agency has undertaken its first performance assessment of a UK MGA, after launching a methodology for the new process in February.
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Experienced underwriters Patrick Comerford and Clive Moore left Pioneer after it failed to secure PL paper for 2020.
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Doug Ker will work to enhance levels of profitability across the firm’s underwriting cells.
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Former Albus Underwriting CEO Matthew Melville will join Castel to lead its renewable energy underwriting cell.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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Aon’s Nicholas Boswell Brown and Aviva’s Claire Whelan join the business in April to support the expansion into Spanish-speaking markets.
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The broker says the London and European renewables markets achieved profitability in 2020.
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Sophie Irvine was the only renewable energy underwriter left after Canopius’ Netherlands-based team left the business last year.
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