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The deal is likely to be one of the largest US P&C broking transactions of the year. -
The MGA will write business under the Co-op brand as part of a 13-year partnership.
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Luke Tanzer will remain the managing director and said the deal represented a “runway for future growth”.
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The parties have also agreed to an exclusive 20-year distribution arrangement.
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The Day 1 launch via a listing without PE cornerstone investors is an effective first for the (re)insurance sector.
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The deal will accelerate the pivot of the acquirer from motor insurer to multi-class specialty player.
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The deal on the heels of the purchase of Miller establishes Cinven as a significant non-life insurance-sector investor.
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The French carrier pulls back from Axa Gulf, Axa Cooperative Insurance and Axa Green Crescent Insurance.
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Canadian pension fund managers CDPQ, CPP and OTPP back the subscriptions receipt issue.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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Has there ever been a more interesting time in (re)insurance for mergers, acquisitions and new capital formations?
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The tactic comes after the investors had three nominees installed on the risk modeller’s board this week.
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