Motor reinsurance
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Pollen Street Capital will buy the business through insurance-focused vehicle Specialist Risk Investments.
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The planned cover follows a decision by the car insurer pool’s member companies to shoulder the risk collectively.
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The carriers’ aggregate Solvency II ratio lags behind many European peers but is well above the floor level, the ratings agency said.
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The broker expects rate increases across 14 commercial lines next year.
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The co-operation will help Windward distribute its marine risk analysis product through IHS Markit’s platform.
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The platform will reinsure Silicon Valley motor liability risks underwritten by Apollo 1969. -
The multi-year agreement will see the two companies work together to drive the use of Concirrus' Quest Marine platform.
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ERS will have to put up an additional £23mn of capital to support underwriting.
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Goldman Sachs PE arm and Blackstone invest in motor MGA
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The Swiss carrier pays an implied multiple of 22.1x 2017 earnings for the P&C insurer.
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The buyer says it will "monetise" certain Swinton assets and draw on committed bank debt to help finance the deal.
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Paramount’s growth dropped this year and its combined ratio deteriorated.
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