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The deal includes small business MGA Everest Risk Management.
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Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
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The carrier is undergoing a strategic review of its business operations under new CEO Amanda Blanc.
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The acquisition brings “geography, talent and specialism”, says CEO Howard Lickens.
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The ECI-backed buyer acquires the regional network alongside BHIB and Churchill Insurance Consultants.
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Bain Capital is also said to be eying the target, which has yet to enter exclusive negotiations with Royal London.
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The US broker has bought the general insurance firm Ernest R Shaw.
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The insurance holding company sold out of its P&C balance sheet assets in 2015 and 2017.
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The German carrier and the Apollo-backed life insurer team up for a bid which could be worth an estimated $2.3bn-$3.5bn.
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The Hyperion CEO says the takeover provides a route to regional broker M&A.
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The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.
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The near-£700mn deal, revealed by this publication yesterday, represents Hyperion’s first piece of big-ticket M&A since its 2015 move on RKH.