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R&Q M&A chief Corver forecasts further transactions in coming days as demand for legacy solutions rises.
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The deal for Inceptum, Vibe’s UK and European legacy unit, follows the closure of Syndicate 5678. -
Completed European deals fell by more than a fifth in H1 to a three-year low.
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Capacity withdrawals from Chubb and AGCS are being interpreted as a sea change in the sector.
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The construction, leisure and commercial sector MGA will join the group’s Geo Specialty business.
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The carrier’s decision to cease writing marks the first major withdrawal of capacity from the M&A insurance market.
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Stay awards risk deferring problems, with staff remaining in place who intend to leave post-payment.
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The potential disposal coincides with sale processes in locations including Singapore, Belgium and Central and Eastern Europe.
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The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
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Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
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Staff on the scheme will be paid 25% on closing, with the rest paid 12 or 18 months later.
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Move comes amid double-digit rate hardening in the US commercial auto market.
