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Sources also identified Arch and Hampden as participants in the accelerated auction. -
The deal will propel Sompo International’s annual crop premiums to over $2bn when combined with the (re)insurer’s existing AgriSomp business.
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The carrier provides capacity to a number of warranty and indemnity MGAs including Icen Risk and RSG Europe Transactional Risks.
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The expansion comes in anticipation of uptick in Asian M&A activity.
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PE’s scepticism about the duration of the market opportunity has lengthened the odds on greenfield start-ups.
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CEO Swallow says the rebranded Capsicum unit will use rivals’ mergers to push for market share.
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Start-up acquirer Marco, Enstar, Riverstone and Premia are still in the running for the assets.
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The Belgian insurer is to take a 25% stake in the reinsurance unit of China Taiping.
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Both companies secure more than 95% shareholder support for the transaction.
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The companies claim “overwhelming” investor support at meetings today.
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The acquisition of British Reserve Insurance Company provides the run-off carrier with a UK platform to execute deals.
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The French seller expects to book a EUR200mn one-time gain from the disposal next year.
