Charles Taylor
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Newly appointed board member David Marock will help the InsurTech utilise its recent $1.75mn cash injection. -
The acquisition is the third this year for the Lovell Minnick-backed acquirer.
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New owner rows back on pledge to maintain headcount due to pandemic.
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In June the 180-year-old insurance services business picked former Axa Corporate Solutions CEO Rob Brown as CEO.
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The market veteran previously led Axa Corporate Solutions.
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The change marks the end of a 136-year outsourcing agreement between the two firms.
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The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884.
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The unnamed suitor had made an approach after the London-listed company secured an agreed bid from Lovell Minnick.
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The rival’s interest last week prompted Lovell Minnick to lift its previously agreed bid by 9.5 percent to £285mn.
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The stock slips back but remains above the 315-pence-per-share level of the Lovell Minnick agreement.
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The analyst expects the company's shareholders to accept the offer.
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The stock closes up more than 3 percent above the value of the $326mn Lovell Minnick agreement.
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