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Sources suggested current minority backer AnaCap would remain an investor if a deal is agreed. -
The 2020 Lloyd’s start-up is now 100% employee owned.
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There were 435 insurance M&A deals in 2022, with private equity investors accounting for 60% of all insurance M&A transactions, according to FTI Consulting.
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The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.
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Summit Partners will likely remain a minority investor in Global Group after the deal completes, sources said.
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Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
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WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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The transaction has been executed by Howden Germany’s specialty broker Howden Caninenberg.
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The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
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