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The transaction complements its previous acquisition of RMS in 2021. -
A whitepaper published by the two companies set out measures that could create cyber insurance capacity.
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“They want to grow their portfolios,” Guy Carpenter's CEO added.
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The take-private is expected to close by mid-2025.
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The change comes as negotiations start to kick off for 2025 renewals.
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Hundle & Partners will provide capital support for the business, which will focus on acquiring corporate liabilities.
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Sources said the venture will look to service both US and European corporates and is backed by family office money.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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The US carrier abandoned the project due to high price expectations.
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This publication revealed last month that some of Westfield’s financial lines team had resigned.
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The reinsurer’s A&H head Simon Parkinson left earlier this year to join Redriff Underwriting.
