M&A

DirectAsia is a direct-to-consumer business operating in Singapore and Thailand that predominantly sells motor insurance.

The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.

The business is likely to be marketed off a roughly EUR120mn Ebitda amid heightened PE interest in German brokers.

Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.

Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.

The business specialises in space and terror risks.

The personal lines strategy mirrors the buy, build and sell playbook you would see from a sponsor.

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.

The Duncan Dale-led business has reached an ‘inflection point’ where a large, aligned capital provider is advantageous, executives say.

The deal will provide the group with significant additional funds to support M&A in its international and specialty segments.

The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers.

The private equity firm is targeting $1trn in assets under management for the combined segment.

The exit is part of a strategy to simplify the company's geographic footprint following the international disposal programme completed in 2021.

Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.

The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.

The two parametric businesses will be brought together as the UK and German governments sell out.

The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.

The breakdown of discussions that had been expected to yield a deal leave the ownership of Ash Bathia’s Lloyd’s business in question.

It is understood that the three firms are in the late stages of the process, with a September deal targeted.

The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.

On completion, Honan CEO Fluitsma will report to Marsh Pacific CEO Nick Harris.

The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.

The Americas saw the largest fall in M&A activity over the first half of 2023.

It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.