M&A

The 2020 Lloyd’s start-up is now 100% employee owned.

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.

The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.

Summit Partners will likely remain a minority investor in Global Group after the deal completes, sources said.

Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.

WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.

Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.

The transaction has been executed by Howden Germany’s specialty broker Howden Caninenberg.

The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.

Alpert joined BAML in 2018 from UBS as managing director to lead the bank’s EMEA insurance-focused team while Kleinsteuber has led the US insurance unit since 2020.

The Insurance Growth Report said 242 M&A deals took place in H1 of 2022, with a significant drop-off in the second half of the year.

John Thompson, Graham Kilby, Richard Peers and Russ Nichols will take the top jobs.

R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.

RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.

Brookfield will continue to operate under its own brand, and CEO Leonard Münz will still lead the business, as part of the transaction.

The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.

NIIC has a small amount of legacy business in run-off, which includes property and casualty, marine, and professional liability insurance business.

The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.

The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.

The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.

Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.

The international reinsurance unit booked almost EUR1bn in revenue in 2022.