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A completion of the investment by the continental PE firm has coincided with the appointment of Emmanuel Clarke as BMS Group chairman.
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DirectAsia is a direct-to-consumer business operating in Singapore and Thailand that predominantly sells motor insurance.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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The business is likely to be marketed off a roughly EUR120mn Ebitda amid heightened PE interest in German brokers.
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Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.
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Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.
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The business specialises in space and terror risks.
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The personal lines strategy mirrors the buy, build and sell playbook you would see from a sponsor.
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This CVC investment has come hot on the heels of an H1 result which showed performance plus growth, and should be interpreted as vindication of the work done at Lloyd’s.
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The Duncan Dale-led business has reached an ‘inflection point’ where a large, aligned capital provider is advantageous, executives say.
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The deal will provide the group with significant additional funds to support M&A in its international and specialty segments.
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The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers.
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