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Former Teneo M&A head Alexander Schnieders will lead the unit. -
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.
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The broking team led by Christian Warrener is expected to join Oneglobal as part of the deal.
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Capital is looking for opportunities to build international specialty businesses out of EC3.
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The fresh funding will be used to support Meridian’s growth plans.
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The Inflexion-backed broker’s Ebitda has swelled to ~£25mn.
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The proceeds will fund AUB’s acquisition of Pacific Indemnity.
