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A roundup of the breaking news, C-suite interviews and exclusive insights. -
The broker’s reinsurance business has doubled in the past five years – but DR&P provides diversification.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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This publication reported earlier that French mutual Covéa has engaged Scor in M&A talks.
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The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.
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The UK subsidiary of Carrick will acquire BMS International Insurance DAC and Seamair Insurance DAC.
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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.
