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The broker will take a charge of $1.6bn-$2.1bn relating to the sale. -
The transaction will be one of the largest involving two strategics in broking history.
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M&A levels have increased 23% year-to-date compared to 2023, according to Gallagher Specialty.
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Spencer founded ICAP, later known as Nex Group, in 1986.
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The MGA aims to capitalise on the growth and maturation of the continental MGA sector.
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The investment will be used to expand its product portfolio and continue global expansion.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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The broker’s reinsurance business has doubled in the past five years – but DR&P provides diversification.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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This publication reported earlier that French mutual Covéa has engaged Scor in M&A talks.
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The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.
