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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn. -
The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
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AnotherDay advises on complex threats and crisis management.
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The insurer is moving forward with talks to acquire the US hybrid fronting carrier, according to a Japanese newspaper.
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The short duration of the bonus period suggests retention pressure at the London wholesaler.
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IGI expects EIO will be renamed International General Insurance Company on completion.
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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
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The deal marks Howden’s first acquisition in country since appointing Nicolas Aubert as CEO in February.
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The UK and Ireland saw the most deals, with a total of 62 transactions being completed in the second quarter of 2022.
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The transaction between the two parties closed last week following a lengthy saga.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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Three weeks past what was billed as the final bid deadline, the PE house and owner CPPIB are still engaged in work to get a transaction to the finish line.
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