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The legacy carrier is to buy the captive from a “very large” multinational firm.
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The vehicle has made at least 19 acquisitions since its 2020 purchase by HGGC.
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The deal gives follow form binding authority on behalf of syndicates 1609 and 5399.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms.”
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Ageas made headlines this year following an attempt to acquire Direct Line.
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The MGA was founded by Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
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Increasingly, deals are being brought to market but not transacted on.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
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The MGA platform has been under auction since last year.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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The Singapore sovereign wealth fund has taken over GIC’s holdings in the broker.
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BP Marsh took a 30% cumulative preferred ordinary shareholding in Devonshire.
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The deal will create a personal lines firm controlling £3bn in premiums.
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AI was the hot topic throughout the InsurTech Insights event.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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The UK and Ireland led in the EU market, with 232 deals announced.
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Direct Line had rejected two prior attempts by the Belgian carrier.
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The unit will target Northern European M&A within the next six months.
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Retentions and coverage could be affected by future adverse claims trends.
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The Goldman-backed consolidator branched out into MGAs this year.
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The talks are advanced, and the process is likely to move rapidly.
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The deal comes after 127 transactions for Risk Strategies since 2018.
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The transaction is expected to close before the end of the second quarter.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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The Belgian carrier lodged a takeover bid in January.
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The broker had recently received “multiple strategic approaches”.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The broker aimed to secure better terms and borrow more from public lenders.
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Aviva will need to manage the talent base deftly to get the most from the deal.
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Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
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The carrier has been looking to enter the Lloyd’s market since 2021.
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Direct Line’s board said it received the offer on 19 January and rejected it on 29 January.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The Lloyd’s legacy business has been placed up for sale, along with other units.
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Direct Line's shares surged by 28% following the confirmation.
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The insurance services firm is owned by Lovell Minnick.
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Its PE owners have been exploring strategic options since May last year.
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The firm will have more flexibility around talent compensation and M&A activity.
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The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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