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Both businesses are led by former Universal Insurance Holdings CEO Bradley Meier. -
The acquisition allows AM Specialty to expand its E&S offerings.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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Morgan Stanley has been retained to assist with the disposal of the 30% stake.
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Evercore was retained earlier in the year, and sponsors had expected a transaction in 2024.
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Former Teneo M&A head Alexander Schnieders will lead the unit.
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The buy-side mandate has been awarded to Morgan Stanley and Bank of America.
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The chairman said PE ownership can be “sub-optimal” in softer market conditions.
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This is Chubb’s second MGA deal in the past few months.
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The JC Flowers-backed broker will be marketed off around £10mn of adjusted Ebitda.
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Ambac also announced it was selling its financial lines book to Oaktree for $420mn.
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The CEO also discussed the need for portfolio diversification.
