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The transaction marks the 11th international acquisition by Kaufman in the past nine years.
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The deal is expected to be concluded within the first quarter of 2022.
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Concerns that the pandemic would lead to heightened levels of buyer’s remorse have not materialised, according to a Liberty GTS survey.
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This publication revealed in April that Evercore had been retained to run a process for the cyber-focused MGA.
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MGA revenue growth is outpacing the insurance broking space thanks to emerging lines of business.
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Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.
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Still more competitors are set to enter the fray, although some suggested that not all will endure.
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The acquisition is still subject to regulatory approval but expected to be completed in the fourth quarter.
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A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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Asta’s Julian Tighe and Simon Norton will remain in post after the transaction.
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Initial £800mn price tag seems well out of reach as suitors struggle with heavy pro forma adjustments to earnings.
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The CEO said large US retailers and wholesalers may look to enter reinsurance.
