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Investor interest is mounting in German broking assets. -
The broker's share price dipped 11% in morning trading after its Q1 earnings missed expectations.
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The business is majority-owned by Castik Capital.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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The sale price represents Elephant’s approximate net asset value.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The combined business volume of the two firms is CHF20.1bn.
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The firm acted as the front for Trouvaille Re, the E&S property sidecar for MGA AmRisc.
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Guy Carpenter president Dean Klisura added that Q1 was a record cat bond issuance quarter.
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Meco's 2024 gross written premiums totaled $63mn.
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The UK broker is still in talks with Mubadala about a standalone investment in the business.
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The business will still look at large non-life deals in particular in-the-money ADCs.
