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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India. -
The UK auto insurer expects to return most of the proceeds to shareholders.
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The portfolio is mostly made up of third-party liability motor business.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The Davies Group owner outbid Abry Partners in the sales process for the broker.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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The broker is committed to expanding in A&H, especially in European markets.
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He replaces long-serving executive Gary Long, who retired earlier in the year.
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The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
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Davies owner HGGC looks to up its involvement in sector, while Abry seeks an entry to the UK market.
