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The sale of the business was confirmed in June. -
The transaction has received all required regulatory approvals and closed.
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The insurer will have until Christmas to make a formal offer or withdraw.
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Insight into the current state of the insurance M&A market, powered by the Insurance Insider M&A Deal Tracker.
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The deal follows Bishop Street’s acquisition of Ethos’ TL operations from Ascot.
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The broker’s US retail foray will throw the cards in the air. Where might they land?
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The investment banker said the scarcity of attractive assets made the MGA market “red hot”.
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Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.
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Greco will likely remain in place in the medium-term, which could mean major M&A and a Lloyd’s platform.
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Carlyle re-launched efforts to find minority investor last June.
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Investing in balance-sheet businesses is a “more nuanced” story than backing brokers or MGAs.
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The UK and Ireland have also seen “increased activity”, with four deals announced.
