M&A

News that the private equity house was preparing to bring the broker to market was revealed by Insurance Insider in June.

The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.

The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.

Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.

The transaction would have involved a partnership with Mosaic and a managing agent sale.

Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.

Even without the uncertainty of an imminent takeover, the path ahead will not be easy for Ascot.

Plus the latest executive moves and all the top stories of the week.

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.

The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.