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The UK subsidiary of Carrick will acquire BMS International Insurance DAC and Seamair Insurance DAC. -
The choice to build a reinsurance unit at arm’s length alleviates some financial strain.
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The two parties are targeting a launch by the end of the year, with scope for WTW to buy the start-up at maturity.
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The transaction complements its previous acquisition of RMS in 2021.
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The take-private is expected to close by mid-2025.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The deal is the D&O MGA’s first acquisition since launching in 2021.
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Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The year-to-date deal count for the industry stands at 85, 9% lower than at this point in 2023.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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Quintes' revenues for 2025 are projected in the $110mn-$120mn range.
